Highfield Resources (HFR:ASX)  has successfully an institutional equity placement in the amount of 65 million new fully paid ordinary shares in order to raise $32 million. The funds will be used to fast track development activities at Highfield´s three wholly owned Spanish potash projects.

As quoted in the press release:

The Placement will be completed in two tranches with 20,000,000 shares placed under the Company’s capacity in accordance with ASX Listing Rules 7.1, and 45,000,000 shares (inclusive of EMR Capital’s 25m) subject to shareholder approval at an Extraordinary General Meeting (EGM) at a date to be confirmed shortly. Foster Stockbroking Pty Ltd and Taylor Collison Pty Ltd acted as Joint Lead Managers to the Placement alongside GMP Securities in the UK.

Highfield Managing Director, Anthony Hall, said:

We are delighted with the support received from both Australia and offshore institutions as a part of the capital raising. The extent of this support has demonstrated confidence in the robustness of our projects. The successful capital raising will allow us to now develop the Spanish potash projects with the ultimate aim of commencing construction at Javier in 2015. We have three fantastic potash projects that we are looking forward to developing into mines over the coming years.

Click here to read the Highfield Resources (HFR:ASX) press release