Junior miner Sage Potash Corp., Vancouver, B.C., announced on May 27 that it has closed its non-brokered private placement of 13,500,000 common shares for total proceeds of $1,822,500. The company said the proceeds will be used for the advancement of its mineral properties and for general administration expenses.
“We are extremely pleased to have attracted strategic investors who understand and appreciate the value of our project, namely a comprehensive and strategic land and mineral portfolio hosting a 280 million mt inferred resource of high-grade, clean chemistry potash, with a pilot production strategy in place and permitting to water access, cavern development, and waste disposal wells,” said Sage CEO Peter Hogendoorn. “We look forward to providing further updates of fundamental developments as we advance our project.”
Earlier this year Sage announced the receipt of all required governmental approvals for two Class V exploration wells at its Sage Plain Potash Project in Utah’s Paradox Basin (GM Jan. 12, p. 27). In partnership with global engineering firm RESPEC, Sage is advancing engineering and designs for a 50,000 mt/y pilot-scale potash solution mining operation as part of its ongoing engineering studies and production permit application (GM Dec. 8, 2023).