Ethiopian Potash Corp Receive $1.5 Million Load from Danakil Potash Corporation

Ethiopian Potash Corp. (TSXV:FED) announced that they have received financing for $1.5 million from Danakil Potash Corporation for exploration and development of the Danakil property.

As quoted in the press release:

Danakil Corp. has agreed to advance US$1.5 million to G&B by way of a loan ,which will be guaranteed by G&B’s sole shareholder, ZRH Nominees (0105) Ltd. and secured by a pledge of all of the shares of G&B owned by ZRH. Advance of the Loan is expected to occur in tranches over a 30-day period, with the initial advance of US$200,000 to be made immediately following signing.

To view the whole press release, click here.