Allana Potash Announces a Strategic Investment by International Finance Corporation

Allana Potash Corp. (TSXV:AAA) reports a non-brokered private placement with International Finance Corporation.

The press release is quoted as saying:

IFC has done a thorough due diligence on Allana’s potash project. As part of their due diligence process, IFC has completed a site visit and conducted technical, environmental, social, financial and market analyses. As part of IFC’s proposed investment, Allana will be required to meet IFC’s environmental, social and safety standards in the ongoing and future development of its project. Allana and IFC personnel have already begun to evaluate Allana’s current programs to ensure that Allana has appropriate environmental and social management systems in place and that the Dallol potash projects will benefit local communities as well as Ethiopia in general. In connection with the Offering, IFC shall have certain rights, including without limitation, information, policy and pre-emptive rights.

Allana Potash’s President and CEO, Farhad Abasov says:

 “I am very pleased to welcome IFC as a proposed strategic investor in Allana. This investment will be a strong testament to the merits of our potash project in Ethiopia. IFC is one of the largest multilateral financing organizations contributing to the development of key mining, infrastructure and industrial projects worldwide by investing $18 billion in fiscal 2010 alone. This is an important development not only for Allana but also for Ethiopia. Our Board and Senior Management Team have carefully evaluated the merits of an investment of this nature at this stage in Allana’s growth and have unanimously decided that the support that IFC can provide to us in Ethiopia is significant. In addition, we believe that developing a strong relationship with IFC places Allana in a very solid position to secure possible future debt financing from IFC and other international organizations for the construction of a potash mine in Ethiopia.”

Click here to access the entire news release.

Click here to access Allana Potash’s company profile.