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Allana Potash closes $11.9 Million financing with World Bank organization

Tigrai Online
May 10 2011

Tigrai Online - Ethiopian PotashAllana Potash Corp. (CVE:AAA) said Wednesday it has closed its previously announced private placement financing with the IFC, a member of the World Bank, and with the company's largest shareholder, Liberty Mutual Group, for total proceeds of $11.9 million.

The Toronto-based potash explorer, with assets in Ethiopia, sold 6.25 million units to the IFC, and 1.19 million units to Liberty Mutual. Each unit consisted of one common share of Allana Potash, and one half of one share purchase warrant.

"We are delighted that the IFC board has made an investment in Allana Potash at this crucial juncture of our project development," said president and CEO Farhad Abasov.

"This support, from one of the largest global multilateral financing organizations, comes at a time when Allana's potash project also is getting significant infrastructure support from the Ethiopian government."