Allana Potash Corp. Enters $4 Million Private Placement.

Ft Lauderdale, Florida 3/03/2010 04:35 AM GMT (TransWorldNews)

 

Allana Potash Corp. (TSX-V: AAA) has entered an agreement with a syndicate of agents led by Wellington West Capital Markets Inc. to sell company units for $0.40 per unit resulting in gross proceeds of $4 million, on a private placement basis.

 

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Each unit will consist of 1 common share of the company and ½ of a common share purchase warrant. Each whole warrant can be exercised to purchase 1 common share for $0.50 per share for an 18 month period from issuance. Proceeds from the offering will be used for exploration and development costs on Allana’s potash property in Ethiopia and for general working capital purposes.

 

Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (for details regarding the resource estimate.

 

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