Allana Potash Closes Private Placement with Liberty Metals

Allana Potash Corp.(TSX:AAA) announced that it has closed a private placement with Liberty Metals & Mining Holdings. Liberty Metals acquired 4,618,835 common shares of Allana under the terms of the private placement.

As quoted in the press release:

LMM has acquired 4,618,835 common shares of Allana (the “Common Shares”) and IFC has acquired 1,309,632 Common Shares at $0.80 per Common Share for aggregate gross proceeds in the amount of $4,742,774. The Financing remains subject to the receipt of final approval of the TSX and the Common Shares will be subject to a statutory hold period expiring on July 10, 2012.

Allana, President and CEO, Farhad Abasov, stated:

We are very pleased that both our strategic investors, LMM and IFC, are fully committed to supporting Allana’s potash project in Ethiopia. Their continuous support will be critical in further development of our project as we are advancing the feasibility study.

Click here to read theAllana Potash Corp. (TSX:AAA) press release