African Potash secures $3.75m to its potash project development

8th Aug 2014 17:30

African Potash secured $3.75m to support the development of its Lac Dinga potash project in the Republic of Congo. The convertible securities funding was provided by Bergen Global Opportunity Fund, asset management company based in the US.The convertible securities will be issued in four tranches, with the first one being issued soon with at the value of $830,000. The payments will be carried by February 2017.African Potash's chief executive, Edward Marlow, said: "We recently commenced our maiden drilling campaign in order to improve our understanding of the asset, and the results from this will provide a basis for determining future exploration programmes. With a highly prospective licence, drilling underway, and funding secured to implement future exploration, this is an exciting development for African Potash."The potash assets company's shares were down 7.14% to 3.25p on Friday after the market closed.JF