Highfield Resources Ltd (ASX:HFR) has raised $3.11 million in a share purchase plan (SPP) adding to the $15 million the company raised by issuing shares to institutional and sophisticated investors under a placement.
Last month, the company extended the closing date of the SPP by a week to Friday, September 3, 2021, to provide an opportunity for eligible shareholders facing COVID-19 related restrictions to participate in the offer.
The $18.1 million proceeds from the placement and SPP will be used to fund the purchase of long-lead items and other site infrastructure, including power supply, at the company’s flagship Muga Potash Project in Spain.
“Progress Muga to construction”
Highfield Resources CEO Ignacio Salazar, said: “I would like to thank shareholders for their continued support of the company.
“With the successful completion of the SPP, Highfield continues to progress the Muga project to construction.”
Encouraging support
The company says it is very encouraged by the SPP response and is pleased with the ongoing support from its shareholders.
As part of the SPP, the company will issue a total of 5,983,562 shares to existing shareholders.