By Devika Patel
Knoxville, Tenn., March 3 - Allana Potash Corp. said it has increased a private placement of units to C$5.78 million from C$4 million. The deal priced Tuesday.
The company will now sell 14,442,500 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. and Dundee Securities Corp. are the lead agents of a syndicate that includes Loewen, Ondaatje, McCutcheon Ltd. Settlement is expected March 23.
Proceeds will be used for exploration and development efforts on the company's potash property in Ethiopia and general working capital purposes.
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$5,777,000
|
| Units: | 14,442,500
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agents: | Wellington West Capital Markets Inc., Dundee Securities Corp. (leads), Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | March 2
|
| Upsized: | March 3
|
| Settlement date: | March 23
|
| Stock symbol: | TSX Venture: AAA
|
| Stock price: | C$0.46 at close March 1
|
| Market capitalization: | C$31 million
|
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