Allana Potash Corp.(TSX:AAA) announced entering into an agreement to purchase 25,000,000 common shares at $0.80 each for gross proceeds of $20,000,000. The Company expect the closing of the offering to take place on February 2, 2012.
As quoted in the press release:
The Company has also granted the Underwriters an over-allotment option to increase the size of the Offering by up to an additional 3,750,000 Common Shares, such option being exercisable in whole or in part at any time prior to 30 days after the closing of the Offering. If the over-allotment option is exercised in full, the aggregate gross proceeds raised will be $23,000,000.