Buffalo Potash Raises C$14.9 Million Via Upsized Non-Brokered Private Placement
Buffalo Potash (BUFF.V) closed the first tranche of its oversubscribed and upsized non-brokered private placement raising C$14.9 million, it said after markets closed on Wednesday.The company issued 4.7-million hard dollar units (HD units) at C$0.45 per HD unit for C$2.1 million, 6.99-million shares on a "flow-through" basis (FT shares) at C$0.52 per FT share for C$3.6 million, and 14.8-million charity flow-through units (charity FT units) at C$0.558 per charity FT unit for C$8.2 million, raising C$14 million in the first tranche. Closing the balance of the offering in a second and final tranche is expected on or before June 30.Proceeds will be used to further advance geological potential and fund the downhole infrastructure buildout of the Initial Production Module at the Disley Project located in Saskatchewan, the company said.Certain executive officers of the company acquired, directly or indirectly, 60,000 HD units and 96,084 FT shares, for C$76,963.68, as part of the first tranche, it said.Shares of the company closed down 4.4% to C$0.44 on Wednesday on the TSX Venture Exchange.
