The company which made the private placement, announced by Danakali on 12 August 2016 of 20.2 million shares (“Placement Shares”) at A$0.33 per share, has been named as JPMorgan Chase & Co. and its affiliates.

This represents a major boost to the company’s finances and mining project as a whole – as a lucrative and viable potash venture in Africa.

The UK based investment company released a notice of initial substantial holder with a stake of 20.2 million shares, or 9.12%.

Danakali’s gross proceeds of AU$6.7million (“Placement”) have been now also completed.

Danakali is an ASX listed company and 50% owner of the Colluli Potash Project in Eritrea, East Africa. The company is currently developing the Colluli Project in partnership with ENAMCO. Colluli is 100% owned by CMSC, which is a 50:50 joint venture between Danakali and ENAMCO.

The project is located in the Danakil Depression region of Eritrea, and is c. 75km from the Red Sea coast, making it one of the most accessible potash deposits globally. Mineralisation within the Colluli resource commences at just 16m, making it the world’s shallowest potash deposit.

Danakali is currently awaiting mining license approvals from the Government of Eritrea.