Highfield sets A$19m capital raise target
PERTH (miningweekly.com) – ASX-listed Highfield Resources on Monday announced plans to raise A$19-million through a share placement and share purchase plan (SPP) to fund pre-construction activities at its Muga potash mine, in Spain.
Highfield has received firm commitments for the placement of 28.8-million shares, at a price of 52c each, to raise an initial A$15-million. The placement will be undertaken under Highfield’s existing placement capacity, and will not require shareholder approval.
The placement price of 52c a share represented an 8% discount to Highfield’s last closing price on August 4, and a 9.6% discount to the company’s five day volume weighted average share price.
In addition to the share placement, Highfield will also undertake an SPP, at the same price, that would allow shareholders to subscribe for up to A$30 000 worth of additional new shares in the company.
The SPP is expected to raise a further A$4-million, and will close on August 27.
Highfield MD Ignacio Salazar on Monday said that the company was now well funded to follow the recent award of the critical mining concession, and had a solid platform for the development of the Muga project, with the view to starting early works by the fourth quarter of this year.
At full production the Muga mine will produce one-million tonnes of muriate of potash (MOP) and one-million tonnes of salt per year.
The phase 1 project would require a capital investment of €368-million and Phase 2 capital cost of €208-million. Phase 1 will produce 500 000 t/y of MOP, while Phase 2 would add an additional 500 000 t/y of MOP
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation