Highfield Resources to advance Muga Potash Project with US$6 million investment
Highfield Resources Ltd (ASX:HFR) has secured a US$6 million (~A$8.9 million) investment in the form of convertible notes with funds to advance the Muga Potash Project toward development and production.
This investment comes from existing strategic shareholder funds managed by EMR Capital Management Limited, Tectonic Investment Management and from another institutional investor.
Highfield and these lenders have entered a convertible note deed (CND) which will see the investment made by way of limited security loan notes, convertible into fully paid ordinary shares in the company.
The company expects that this investment will enable activities associated with advancing the Spanish project and to finalise discussions with potential strategic partners.
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