Emmerson raises £1.72m to accelerate Khemisset development
Morocco-focused potash development Emmerson has raised £1.72-million through an oversubscribed placing of new ordinary shares.
Following the delivery of the feasibility study for the Khemisset potash project, which once again confirmed its potential to be among the lowest capital cost potash projects in the world, the company had received several expressions of interest from investor groups with respect to investing in the company.
The placing was led by sole broker Shard Capital Partners.
The funds raised will primarily support the company as it continues to rapidly develop Khemisset through the delivery of key work streams.
"The support that we have received in this fundraise, for which demand significantly exceeded our minimum targeted figure, is very encouraging and demonstrates a strong belief from our investors in the potential of Emmerson and the Khemisset project.
"These funds enable us to continue to make strong progress on preparing the Khemisset potash project for detailed design and engineering and, ultimately, construction,” says Emmerson CEO Graham Clarke.
He notes that while the company’s focus in the short term is on permitting, strategic financing discussions and reviewing the feasibility study for both opportunities to improve the project further and complete additional work to mitigate any risks, it also expects to be able to complete additional work on its standard operating procedure project, salt strategy and to bring its additional resources into a mine plan, which present growth opportunities for its economics.
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