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South Boulder Mines raises $2M at premium for Colluli Potash
South Boulder Mines (ASX:STB) will raise $2.05 million through a private placement of 10 million shares at $0.205 per share to Hong Kong based Special Purpose Vehicle, Well Efficient Limited.
South Boulder's shares will resume trading after a trading halt to finalise the raising.
Notably, the shares will be issued at a 6% premium to South Boulder's 30 day VWAP and the funds will be used to complete the Definitive Feasibility Study (DFS) work for the Colluli Potash Project located in Eritrea in 2015.
Well Efficient Limited is associated with well-known resource and private equity industry executive, James Huang, who is based in Hong Kong. Huang has experience and a network of relationships in Greater China and Eritrea with international resource companies, private equity funds and governments.
The placement will be completed within seven days. South Boulder will have around 150 million shares on issue following completion of the placement.
South Boulder's managing director, Paul Donaldson said: "This placement to another sophisticated international investor further demonstrates the attractiveness of the Colluli Potash Project, particularly as it was achieved at a premium to the recent share price and did not require the payment of fees or commission.
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