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- Highfield Resources (HFR) enters a trading halt while it plans the details of an upcoming capital raising
- The Spanish potash developer will remain in the halt until August 9 or when an announcement is made, whichever is earlier
- Earlier this month Highfield updated its non-binding memorandum of understanding (MOU) with the Port of Pasajes in northwest Spain
- Under the MOU the port confirmed availability of sufficient capacity for up to 700,000 metric tonnes per annum of potash and salt from the Muga Mine
- Shares in Highfield last traded at 56.5 cents on August 4
Highfield Resources (HFR) has entered a trading halt while it plans the details of an upcoming capital raising.
The Spanish potash developer will remain in the halt until August 9 or when an announcement is made, whichever comes first.
Highfield is yet to disclose how much it intends to raise or what it will use the funds for once received.
In early August, Highfield updated its non-binding memorandum of understanding (MOU) with the Port of Pasajes in northwest Spain.
Under the updated MOU, the Port of Pasajes confirmed the availability of sufficient capacity for up to 700,000 metric tonnes per annum of muriate potash and salt from the Muga Mine.
The partnership was signed to allow Highfield to develop and implement its sales and marketing strategy.
In its June quarterly, the company revealed it had spent $958,000, with the majority of the funds going towards administration and corporate costs.
The company also invested nearly $2.52 million in exploration and evaluation.
As of June 30, Highfield had $12.64 million in total available funding, representing 3.64 quarters of use if spending levels remain the same.
Shares in Highfield last traded at 56.5 cents on August 4. The company has a $186.2 million market cap.
