Key Developments: Allana Potash Corp (ALLRF.PK)
0.54USD
24 May 2013
$0.08 (+17.93%)
$0.45
$0.46
$0.55
$0.46
223,625
32,467
$0.69
$0.35
Latest Key Developments (Source: Significant Developments)
ALLANA POTASH CORP Announces Intention To Make Normal Course Issuer Bid
ALLANA POTASH CORP announced its intention to make a Normal Course Issuer Bid (NCIB), subject to TSX (Exchange) approval, to buy back its common shares through the facilities of the Exchange. The maximum number of common shares that may be purchased for cancellation pursuant to the NCIB is that number of common shares that represents 10% of the common shares in the public float. Based on the 235,725,648 common shares in the public float as at April 26, 2013, the maximum number of shares to be cancelled would be 23,572,564. Allana notes that the number of its shares in the public float is less than the 276,454,501 total basic issued and outstanding Allana common shares as of April 26, 2013, because the public float number does not include common shares held by Allana insiders. Daily purchases will be limited to 77,591 common shares other than block purchase exceptions. The actual number of common shares that would be purchased, if any, and the timing of such purchases will be determined by Allana considering market conditions, stock prices, its cash position, and other factors. Allana made a previous NCIB, that terminated effective April 17, 2013, pursuant to which Allana purchased 1,719,400 securities at a weighted average price per security of $0.51. Full Article
ALLANA POTASH CORP Completes Strategic Acquisition Of Nova Ethio Potash Corporation
ALLANA POTASH CORP announced that it has completed its previously announced merger, whereby the Company has acquired all of the issued and outstanding common shares Nova-Ethio Potash Corporation (Nova) through the merger of a wholly-owned subsidiary of Allana and Nova pursuant to the laws of the British Virgin Islands (the Transaction) (See Press Release dated September 4, 2012). Nova indirectly holds 100% of a strategically located potash license adjacent to the Company's potash project in the Danakhil Depression (the "Nova Property"). The Nova exploration license covers approximately 154 km2 and is located adjacent to the western and southern boundaries of the Allana license (see Fig. 1). The Nova license also incorporates extensions of the alluvial fans and potential aquifers present on the western portion of the Allana license. Coupled with Allana's land position in its adjacent claims, upon closing of the Transaction, Allana will control approximately 312 km2 of the centre of the potash basin in the Dallol area. Terms of the transaction were not disclosed. Full Article
ALLANA POTASH CORP Announces Acquisition Of Nova-Ethio Potash Corporation
ALLANA POTASH CORP announced that it has entered into a definitive agreement to acquire all of the issued and outstanding common shares of Nova-Ethio Potash Corporation, a private company, which indirectly holds a 100% interest in a strategically located potash license adjacent to the Company's potash project in the Danakhil Depression in Ethiopia. It is proposed that acquisition will be effected through the merger of a wholly owned subsidiary of Allana and Nova, in accordance with the laws of the British Virgin Islands. Pursuant to the terms of the Merger Agreement, Allana shall issue 12,716,667 common shares to the shareholders of Nova in exchange for all of the common shares of Nova. Further, Allana will issue an additional 35,610,000 common shares to be held in escrow. The closing of the Transaction is expected to occur on or before October 17, 2012. Dundee Securities Ltd. is acting as the exclusive financial advisor to Allana in connection with the Transaction. Salman Partners Inc. and Bellotti Goodman Capital Inc., have been retained by Nova to act as the exclusive financial advisors to Nova with respect to the Transaction. Full Article
ALLANA POTASH CORP Completes $20 Million Bought Deal Financing
ALLANA POTASH CORP announced that it has completed its non-brokered private placement financing with Liberty Metals & Mining Holdings, LLC (LMM), a subsidiary of Liberty Mutual Insurance and International Finance Corporation (IFC), a strategic partner of the Company. Having elected to exercise their participation rights in connection with the Company's previously completed bought deal financing for gross proceeds in the amount of $20,000,000 (See Allana news release dated January 10, 2012), LMM has acquired 4,618,835 common shares of Allana 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. Full Article
ALLANA POTASH CORP Announces Closing Of $20 Million Bought Deal Financing
ALLANA POTASH CORP announced that it has closed its previously announced public offering (the Offering) of common shares (the Common Shares) of the Company. Pursuant to the terms of the Offering, the Company has issued 25,000,000 Common Shares at a price of $0.80 per share, for aggregate gross proceeds of $20,000,000. The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters led by Dundee Securities Ltd., and including National Bank Financial Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., and Fraser Mackenzie Limited (collectively, the Underwriters). Allana has granted the Underwriters an option, exercisable in whole or in part at the discretion of the Underwriters, for a period of 30 days from the closing date of the Offering, to purchase up to an additional 15% of the Common Shares sold pursuant to the Offering, to cover over-allotments, if any, and for market stabilization purposes. The net proceeds of the Offering will be used for the completion of a feasibility study and other related studies with respect to the Danakhil Potash Project (also referred to as the Dallol Potash Project) and for working capital and general corporate purposes. Full Article
ALLANA POTASH CORP Announces $20 Million Bought Deal
Allana Potash Corp. announced that it has entered into an agreement with a syndicate of underwriters led by Dundee Securities Ltd., and including National Bank Financial Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., and Fraser Mackenzie Limited (the Underwriters), to purchase 25,000,000 common shares of the Company (the Common Shares) at a price of $0.80 per Common Share for gross proceeds of $20,000,000 on a bought deal basis (the Offering). 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. The net proceeds from the Offering will be used for completion of a definitive feasibility study on the Company's Dallol Potash Project and for working capital and general corporate purposes. Closing of the Offering is anticipated to occur on or about February 2, 2012 (the Closing Date) and is subject to the receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange. Full Article
ALLANA POTASH CORP To Commence Trading on the Toronto Stock Exchange
Allana Potash Corp. announced that its common shares will commence trading on the Toronto Stock Exchange (TSX) at market open on September 9, 2011. The Company's stock symbol will remain "AAA". Full Article
ALLANA POTASH CORP Appoints Dr. Mark D. Stauffer As Independent Chairman
ALLANA POTASH CORP announced the appointment of Dr. Mark D. Stauffer, to the position of Independent Chairman of the Board of Directors. Full Article
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