Investor Cubed is pleased to forward a press release issued by Allana Potash Corp. (TSX: AAA) highlighting the following:
- Allana Potash is pleased to announce that Liberty Metals and Mining Holdings, LLC, a subsidiary of Liberty Mutual Insurance and the Company's largest shareholder, along with International Finance Corporation, a strategic partner of the Company, have elected to exercise their participation rights by way of a private placement financing in connection with the Company's previously announced bought deal financing for gross proceeds in the amount of $20,000,000.
- In connection with the Offering, the syndicate of underwriters, led by Dundee Securities Ltd., and including National Bank Financial Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., Fraser Mackenzie Limited, have been granted an over-allotment option to acquire up to an additional 3,750,000 common shares, such options being exercisable in whole or in part at any time prior to 30 days after the closing of the Offering.
- If the Over-Allotment is exercised in full, the aggregate gross proceeds raised pursuant to the Offering will be $23,000,000.
- In order to maintain LMM's 14.9% ownership in the Company, assuming the Over-Allotment is exercised in full and taking into consideration the Common Shares acquired by IFC in connection with the Financing, LMM has agreed to purchase up to 5,311,660 Common Shares and IFC has agreed to up to 1,506,076 Common Shares on a non-brokered basis at a purchase price of $0.80 per Common Share for gross proceeds in the amount of $5,454,189.
"We are very pleased that both our strategic investors, LMM and IFC, are fully committed to support Allana. Their continuous support will be critical in further development of our potash project in Ethiopia as we are advancing the feasibility study."
-Farhad Abasov, President and CEO of Allana
To read the full press release, please click here.
If you have any questions or would like to meet with Allana's management team, please contact Investor Cubed at
647 258 3311 or info@investor3.ca. |
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About Allana Potash
Allana Potash is a Canadian publicly traded corporation with a focus on the international acquisition and development of potash assets and is currently developing a previously explored potash property in Ethiopia, the Dallol Potash Project.
Allana has secured financial support from two significant strategic investors: IFC, a member of the World Bank Group, and Liberty Metals and Mining Holdings, LLC, a subsidiary of Liberty Mutual Group.
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