Offering conducted with stockholders seeking to maintain their stake
By Devika Patel
Knoxville, Tenn., Jan. 26 - Allana Potash Corp. said it plans a C$5.45 million non-brokered private placement of stock with Liberty Metals & Mining Holdings, LLC and International Finance Corp. The investors are electing to buy shares in order to maintain their stakes in the company, which is conducting a C$20 million bought-deal prospectus sale of its stock. The public offering priced Jan. 10.
The company will sell 5,311,660 common shares at C$0.80 per share to Liberty Metals and 1,506,076 shares at that price to International Finance. The price per share reflects a 1.23% discount to C$0.81, the Jan. 25 closing share price.
Settlement is expected Feb. 25.
Proceeds will be used for development of the company's potash project in Ethiopia and a feasibility study.
Toronto-based Allana is a potash asset developer.
| Issuer: | Allana Potash Corp.
|
| Issue: | Common stock
|
| Amount: | C$5,454,189
|
| Shares: | 6,817,736
|
| Price: | C$0.80
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Liberty Metals & Mining Holdings, LLC (for C$4,249,328) and International Finance Corp. (for C$1,204,861)
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 25
|
| Stock symbol: | Toronto: AAA
|
| Stock price: | C$0.81 at close Jan. 25
|
| Market capitalization: | C$158.09 million
|
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