Overview of South Harz Potash completion of entitlement offer

South Harz Potash Limited (ASX:SHP) has successfully completed its pro-rata non-renounceable entitlement issue, aiming to raise up to A$2,966,894. The company received applications for 54,109,646 new shares, representing approximately 18.2% of all shares offered, leaving a shortfall of 242,579,778 shares. The allotment of new shares will result in a total of 944,177,918 ordinary shares on issue. South Harz has commenced activities to place the shortfall shares in the market over the next three months.

Executive commentary on company activities and future plans

In line with South Harz's focus on streamlined low-cost optimization in the global potash markets, the company is actively pursuing several key operational activities. These include the completion of due diligence and negotiation for the purchase of the Sollstedt mine property, advancement of preparatory Stage 2 permitting activities for the Ohmgebirge Potash Development, assessment for potential German R&D tax incentive rebates, and evaluation of long-term definitive feasibility study design and development funding pathways. The company expresses gratitude to shareholders for their participation in the entitlement offer and/or placement.

Summary of South Harz Potash announcement and outlook

South Harz Potash (ASX:SHP) has successfully completed its entitlement offer, with approximately 18.2% take-up of the shares offered. The company is set to place the shortfall shares in the market over the next three months. With committed funds from recent placements and the completed entitlement offer totaling approximately A$1.57 million in new equity, South Harz is strategically positioned to advance its operational and corporate activities. The company's focus on low-cost optimization in the potash markets aligns with its ambitions to complete the purchase of the Sollstedt mine property, advance permitting activities, and explore potential funding pathways. South Harz expresses appreciation to its shareholders for their support. The completion of the entitlement offer marks a significant step for South Harz as it continues to progress its flagship project in the South Harz Potash District region of Germany.