Highfield Resources (ASX:HFR) eyes $13m for Muga construction

Potash company Highfield Resources (HFR) has tapped investors for $13 million to continue construction of its Muga potash project in Spain.

Emerging from a trading halt today, the company revealed it received strong demand for a share placement comprising 21.6 million new shares at 62 cents each.

New and existing, domestic and international investors took up the new shares which were offered at a 10.1 per cent discount to the company’s last closing price of 0.69 cents on 7 December.

Participants will also receive one free attaching option for every two shares subscribed, exercisable at 93 cents and expiring 18 months from the issue.

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