Danakali Limited (LSE: DNK), the potash company focused on the development of the Colluli Potash Project, located in the Danakil Depression region of Eritrea, East Africa, has successfully completed a an £11.3m placing with Shore Capital acting as Sole UK Bookrunner.
In addition, Danakali Directors and PDMRs intend to invest a further A$580k for a total raise of £11.7m.
The proceeds of the placement will be applied towards early works at Danakali’s Colluli SOP Project, including site road development, geotechnical optimisation, reverse osmosis plant completion and installation, exploration camp relocation and RA International mine camp installation. In addition, proceeds will be used towards detailed engineering for the project and for general working capital requirements.
For further information please contact:
Shore Capital +44 (0) 20 7408 4090
Corporate Advisory: Toby Gibbs / James Thomas / Michael McGloin
Corporate Broking: Jerry Keen
For Shore Capital media enquiries, please contact:
Adele Gilbert: +44 (0)74 8477 8331
Note to editor
About Shore Capital
We are an independent securities business offering institutional and corporate clients leading investment banking, research, sales and trading services, including fixed income. We are represented across the UK enabling extensive distribution and institutional coverage. This distribution capability is complemented by our experienced corporate advisory and broking team who offer discreet, innovative and valued advice to companies on both the Main Market and AIM. Shore Capital is also the third largest market maker by number of AIM stocks covered.
Our cross-disciplinary team has deep, market leading experience in a wide range of small and mid-cap UK companies within the following sectors: Consumer, Financials, Healthcare, Insurance, Natural Resources, Real Estate, Support Services, Technology and Media. Our research on over 250 companies is distributed to an extensive institutional client base in the UK, Europe and US.
Shore Capital is a trading name of both Shore Capital Stockbrokers Limited and Shore Capital and Corporate Limited.