Potash play Trigg gets cracking on ASX listing with launch of $4m IPO
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Potash explorer Trigg Mining is paving its way to an ASX listing before the end of June with a $4 million initial public offer.
The Perth-based company has 2670 sq km of sulphate of potash-prospective land near Laverton, Western Australia.
Sulphate of potash (SOP) is a fertiliser for chloride sensitive crops like avocados, coffee beans and cocoa.
The global potash market is estimated to be around 75 million tonnes.
Demand is set to increase as the global population grows to around 8 billion by 2023.
Trigg has so far identified mineralisation on 15 per cent of its Laverton Links project and has outlined an exploration target of 2.6 million to 9.3 million tonnes.
Under its IPO, which opens May 8, the company is offering 20 million shares at 20c each and will accept oversubscriptions to raise a further $2 million.
Managing director Keren Paterson told Stockhead earlier this year that Trigg was already witnessing “really strong interest” from investors, with the company raising $1.8 million in seed capital prior to its IPO.