By Devika Patel
Knoxville, Tenn., March 2 - Allana Potash Corp. said it has arranged a C$4 million private placement of units.
The company will sell units at C$0.40 per unit. Each unit consists of one common share and one half-share warrant. The whole 18-month warrants are exercisable at C$0.50.
Wellington West Capital Markets Inc. is the lead agent. Settlement is expected March 23.
Proceeds will be used for exploration and development on the company's potash property in Ethiopia and for general working capital.
Toronto-based Allana is a potash asset developer.
| Issuer: | Allana Potash Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Wellington West Capital Markets Inc. (lead)
|
| Pricing date: | March 2
|
| Settlement date: | March 23
|
| Stock symbol: | TSX Venture: AAA
|
| Stock price: | C$0.46 at close March 1
|
| Market capitalization: | C$33.1 million
|
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