Highfield Resources Ltd (ASX:HFR) has opened a share purchase plan (SPP) today offering eligible shareholders in Australia and New Zealand the chance to apply for up to A$30,000 of new fully paid ordinary shares at 29.89 cents per share — on par with the recent institutional share placement issue price.
Highfield is establishing a leading pure-play potash company with a diversified portfolio of projects in tier-1 jurisdictions underpinned by strong ESG credentials.
Via the SPP, the company seeks to raise up to a further US$3 million (A$4.5 million) to advance the Muga Potash Project in northern Spain.
Demonstrating their confidence in the company and its strategy, the directors of Highfield, who are eligible to participate in the SPP, intend to participate in the SPP, which is expected to close at 5.00pm (Sydney, Australia time) on Tuesday, October 25, 2024.
Follows placement
The SPP follows last week’s completion of the unconditional component of the company's institutional placement, which raised US$6 million (A$8.9 million) via the issue of 29.96 million new shares to institutional investors, also at an issue price of 29.89 cents per share.
READ: Highfield Resources secures initial US$11 million from US$220 million funding deal
Highfield also received commitments for an additional US$5 million (A$7.5 million) from EMR Capital Resources Funds III, LP.
That US$11 million was part of a US$220 million financing deal struck with Yankuang Energy Group Co Ltd and strategic investors to fund the Muga Phase 1 project — a construction-ready potash mine, and to acquire the Southey potash project in Saskatchewan, Canada.