Allana Potash closes $5.8 M private placement

Toronto-Allana Potash Corp. reports that it has completed a private placement of 14,442,500 units of the company at a price of C$0.40 per unit for gross proceeds of approximately $5.8 million. Allana intends to use the proceeds to fund exploration and development efforts on the company’s potash property in Ethiopia and for general working capital purposes. The Allana project already has some involvement from Chinese investors (GM Nov. 16, 2009), and last week there was more speculation that China might jump into the project.