logo-loader
American Pacific Borate & Lithium Ltd

American Pacific Borate & Lithium directors participate in $3.1 million placement

Anthony Hall and Stephen Hunt have added to their holdings through placement purchases.

Coins in a jar
The company is targeting the start of construction at Fort Cady later this year

American Pacific Borate & Lithium Ltd (ASX:ABR) directors have demonstrated their support for the company’s US-focused borate strategy by participating in a $3.1 million placement.

After shareholder approval was given at a general meeting on June 14, executive director Anthony Hall purchased 305,556 shares valued at $55,000.

He now holds more than 5.575 million shares in an indirect interest.

Non-executive director Stephen Hunt purchased almost 139,000 shares with a total value of $25,000 and now holds a total of 553,890 shares in indirect interests.

READ: American Pacific Borate & Lithium raises A$3.1 million for borate project engineering

Funds raised in the placement to institutional and sophisticated investors will be used to progress construction-related engineering activities at the Fort Cady Borate Project in California.

The placement at 18 cents per share included one listed option for every two ordinary shares with a strike price of 25 cents and expiring on August 10, 2020.

ABR expects to begin construction-related engineering activities with its preferred contractor shortly and is targeting a start of construction in the December quarter this year on a fully permitted basis, subject to financing.

READ: American Pacific Borate & Lithium optimisation work delivers high-purity boric acid

The company recently delivered a high-purity plus 99.9% pure boric acid crystal with minimal impurities from process optimisation works.

This work was designed to ensure consistent delivery of a technical grade quality boric acid crystal from the project.

After the test work, CEO Michael Schlumpberger said: “Our focus now turns to the completion of detailed engineering and securing the modest financing for the low capital starter project.”

Quick facts: American Pacific Borate & Lithium Ltd

Price: $0.35

Market: ASX
Market Cap: $71.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of American Pacific Borate & Lithium Ltd named herein, including the promotion by the Company of American Pacific Borate & Lithium Ltd in any...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

American Pacific Borate & Lithium MD discusses enhanced DFS metrics

American Pacific Borate and Lithium Ltd (ASX:ABR) managing director Michael Schlumpberger talks Proactive Investors through the company's enhanced Definitive Feasibility Study (DFS) on the Fort Cady Borate and Lithium Project, which is located in Southern California, USA. The improved...

on 02/10/2019

2 min read