Chatham Rock Phosphate Ltd. successfully raised further working capital in early and mid-2020 to keep the company in good standing.
The company continues to pursue its objective of securing a new cornerstone investor to finance its environmental permit reapplication. To facilitate securing such an investor or investors, CRP is also seeking to broaden its portfolio of phosphate interests beyond the Chatham Rise mining permit and its Namibian prospecting licence applications.
Accordingly, the company is proceeding with a further non-brokered private placement of up to 10 million shares at a price of six cents per common share for gross proceeds of up to $600,000 subject to regulatory approvals.
As already announced, the company has partnered with Stockhouse as part of this fundraising initiative and it expects that Stockhouse’s global reach will materially assist CRP in reaching the company’s target.
This level of funding should sustain the company until the end of 2021 during which period the company’s main focuses will continue to be advancing its Chatham Rise project and securing a foothold in one or more new projects. It expects this strategy to make it easier to secure a business partner to work with it in order to complete the final step of permitting the Chatham Rise project.
The common shares issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing dates of the offering as provided by securities legislation.
Finders’ fees may be payable in cash to arm’s-length parties in connection with this placement as permitted under the policies of the TSX Venture Exchange. The private placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before Jan. 15, 2021.
About Chatham Rock Phosphate
Ltd.
Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of ultralow cadmium, environmentally friendly pastoral phosphate fertilizer.
The resource represents one of New Zealand’s most valuable mineral assets and is of huge strategic significance because phosphate is essential to maintain New Zealand’s high agricultural productivity.
