Quarterly Activities Report
Perth, April 27, 2018 AEST (ABN Newswire) - Prospect Resources Ltd (
ASX:PSC) (Prospect, the Company) is pleased to report on another busy quarter of activities.
Summary of Significant Announcements in the Quarter and up to the date of this announcement:
17 January - New Zimbabwe Government gives Priority Status to Arcadia
31 January - Prospect Raises A$10,000,000 via share placement
2 February - Prospect acquires option over Tombolo Copper/Cobalt Project
5 February - Investor Presentation - Mining Indaba - Cape Town
5 February - Commencement of Exploration for rare earths at Chishanya
12 February - Update of A$10m Placement at 5c per share
12 February - Update on Sinomine Placement & Framework Agreement
26 February - Update on Sinomine Transaction
27 February - Commissioning of Lithium Carbonate Pilot Plant
28 February - Option on Good Days Lithium Project Exercised
13 March - Investor Presentation
19 March - Significant value upgrade following updated PFS - Arcadia
29 March - Results of Shareholder meeting - approving placement to Sinomine
4 April - Completion of A$10m placement at 6c per share to Sinomine and US$557m Sinomine offtake agreement
5 April - Hunter Capital Advisers issues for research report
The 31 March Quarter was another busy period for Prospect both on the corporate front and the operations front.
We finished the Quarter with:
- A$20m cash available to spend on Arcadia and a further US$10m funding commitment;
- A completed Sinomine transaction including, a A$10m share placement at 6c and a future prepayment of US$10m and a repricing of the offtake agreement resulting in a US$61m increase in NPV of Arcadia to US$401m;
- Conditional, indicative offers to finance the balance of the Arcadia mining development; and
- Continued third party interest to build the lithium carbonate & hydroxide plant in Zimbabwe.
To view the full report, please visit:
http://abnnewswire.net/lnk/0MW19170
About Prospect Resources Ltd
Prospect Resources Limited (ASX:PSC) is based in Australasia with operations in Zimbabwe and is a publicly listed company. We are committed to creating value for Prospect's shareholders and the communities in which our company operates. Our vision is to build a Southern African based mining company of international scale.
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