Emmerson Resources has raised £6m ($8m) in an oversubscribed issuance of 200 million new shares for its Khemisset Potash project in Morocco, which it acquired in 2017. The company said the proceeds from this issue would be used to fund a share buyback program and other capital expenditures. The project is shallow, making it a cheap-to-exploit resource, and is located in Morocco, close to Europe and other major markets, according to CEO Hayden Locke. $20m had already been invested in the late-stage project, which could be operational in four years.
Emmerson Resources has raised £6m ($8m) in an oversubscribed issuance of 200 million new shares for its Khemisset Potash project in Morocco, which it acquired in 2017. The company resumed trading on the London Stock Exchange after shares were suspended in October as the firm became 100% owner of the Khemisset project. The project is shallow, making it a cheap-to-exploit resource, and is located in Morocco, close to Europe and other major markets, according to CEO Hayden Locke. $20m had already been invested in the late-stage project, which could be operational in four years.