ASX:CP8

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Canadian Phosphate to Conduct Follow-On Placement

Canadian Phosphate (ASX:CP8) agreed to conduct a follow-on placement to raise a further AU$350,000 at AU$0.14 per share after securing about AU$5 million under its renounceable rights issue, according to a Wednesday filing with the Australian bourse.The total amount raised will be roughly AU$5.2 million upon completion of the follow-on placement, with the company issuing 37.2 million shares and 18.6 million new options exercisable at AU$0.25, expiring June 26, 2028, the filing said.Proceeds will be used for the development of the company's phosphate assets in Canada and the US, per the filing.

ASX:CP8

Asia23d ago

Canadian Phosphate to Acquire Utah Phosphate Project for Up to $3 Million

Canadian Phosphate (ASX:CP8) said it has signed a binding agreement to acquire the Diamond Mountain phosphate project in Utah, US, from Revival Gold and Utah Minerals Resources for total consideration of up to $3 million, according to a Monday Australian bourse filing.The total consideration includes upfront consideration of $1.5 million and deferred consideration of up to $1.5 million.The company said a foreign estimate reports 26.8 million tonnes of measured and indicated resources and 23.1 million tonnes of inferred resources, averaging 19.67% phosphorus pentoxide in a seam averaging 4.4 meters in thickness, adding that the estimate is not reported in accordance with the JORC Code.Following completion of the acquisition, the company intends to undertake a detailed technical review and validation of the foreign estimate, advance exploration and resource definition programs, and evaluate development pathways, it said.

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