Kore raising another signal potash showing good green shoots

THERE appears to be investor movement in the potash space with Kore Potash the second company this month to unveil a significant equity fundraising.
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Investors are taking a look at a few of the potash plays of late

Kore is aiming to raise US$13 million for its Sintoukola potash project in Republic of Congo, with pricing of the new shares to be determined by an accelerated book build undertaken today.

The Kore raising is similar in quantum to Salt Lake Potash's A$20 million placement last week, with the Tony Swiericzuk-led Salt Lake continuing to be bought strongly on market following the equity raise.

Another ASX potash hopeful in demand of late has been Kalium Lakes, with its shares more or less doubling in value since February.

Meanwhile Kore's CEO Brad Sampson and chairman David Hathorn are both said to have indicated they will participate in the fund raising for Sintoukola.

Kore has completed definitive feasibility work on its Sintoukola's flagship Kola sylvinite deposit, but is looking at implement a lower capital cost venture at the Dougou Extension (DX) sylvinite deposit.

The latter could be more rapidly brought on line and generate cash for Kola's ultimate development.

Prefeasibility work for DX is planned.

Shares in the ASX and AIM-listed Kore have recently been trading at 5.5c, capitalising the company at $47.5 million.

The stock briefly traded at levels around 16c late last year.