* working capital of $0.12 per share with no LT debt
* multiple light oil well drilling locations in Viewfield, SK
* carried interests with no drilling costs
* natural gas at Pembina – 10-12 additional locations identified
Attended an investment conference in Vegas last week. Allana CEO gave a speech before a small audience. He did a 30 minute review of the latest company presentation. Emphasized the company's efforts to line up financing for this potash project in Ethiopia. He cited other greenfield potash projects that are struggling to get financing so he is focused on that aspect early. He is confident that Allana's project will be built because the deposit is shallow, can use solution mining and solar evaporation and has cheap Ethiopian labor. This should put this project into the lower quartile of potash producers.
In addition, Ethiopia just got a Chinese loan for infrastructure projects and plan to build railroad lines near the project, lowering transport costs when completed.
Allana just started a drill program to duplicate and expand historic drilling many years ago. Allana hopes to expand the historic resource of 115 million tonnes to justify a feasibility study to start this winter. CEO felt drill program, feasibility study and JV partner would be stock price catalysts in the near term.
Allana has a commitment from a Chinese partner for about 35% of the needed funds to build a mine. They bought 2 million in AAA.v stock and agreed to buy 20% of production at a big discount that still gives AAA 50% gross margin. After the Chinese company recovers their investment in profits, pricing will revert to market less a small single digit discount. If potash climbs in price for current $350/tonne levels, the big discount pricing will end quicker.
Overall I was very pleased after the speech. The CEO is very smart, clear and concise. So far Allana has done everything they have promised. Most recent brokerage report values AAA.v at C$1 in 12 months. It could go much higher if they make it to production by 2013-14, as planned.
Bobwins
Posted: Tue May 18 6:23:26 2010
AAA.v/ALLRF.pk C$.50
Press Release Source: Allana Potash Corp. On Tuesday May 18, 2010, 7:30 am EDT
TORONTO, ONTARIO--(Marketwire - May 18, 2010) - Allana Potash Corp. (TSX VENTURE:AAA - News; "Allana" or the "Company"), is pleased to provide an update of its exploration activities on its Ethiopian Potash Project in the Danakhil Depression. Allana initiated its Phase 1 drill programme which consists of 7 holes and is designed to confirm historic drilling results, to confirm the accuracy of the previous resource and to potentially increase the resource.
Two holes (DK-10-01, 02) have been completed to date. These holes are situated at the north end of the Musley Deposit and were targeted to increase the resource east of historic drilling as well as confirm earlier drilling results.
Hole DK-10-01 intersected potash salts from 155 m - 160 m. Approximately 25 metres of clay and silt were intersected below the potash horizon and the hole was stopped at 185 metres. The preliminary results of DK-10-01 are consistent with management's expectations based on historical drilling completed by Parsons.
Drill hole DK-10-02 is collared approximately 800 m east of the Parsons drill holes and the projected target depth was 190 m. This hole intersected potash salts from 15-20 metres followed by intercalated sand and halite. This shallow horizon is not reported in the Parsons drilling and may represent an important new zone and therefore may increase the resource. A second potash interval was also intersected from 86 m to 106 m and the hole was stopped at 180 metres. While the target depth was not reached in this hole, the second potash interval intersected (86 m to 106 m) may represent the Houston Formation and its position higher up the hole may be due to a flattening of the dip of the stratigraphy and therefore management believes that the second potash interval is generally consistent with historical drilling completed by Parsons.
Core logging and sampling are ongoing and samples were shipped out of Ethiopia to the Saskatchewan Research Council last week. Results are expected within 2-3 weeks of arrival in Canada.
Farhad Abasov, President and CEO of Allana Potash, stated: "We are very pleased that the initial two holes seem to confirm the shallow depth of the potash beds and, in the case of the second hole, provides us with preliminary evidence of a potentially increased resource. We intend to report the assay results from the first two holes immediately after they are received and we also intend on accelerating the drill program by bringing in another drill rig. Allana is getting quotes on a seismic program that is planned to be launched as soon as seismic equipment can be mobilized."
In other developments, the Ethiopian government has announced positive news regarding new infrastructure projects in the country. After several years of actively seeking financial support for the development of a crucial transportation network, the Chinese Government has granted Ethiopia a multi-billion birr loan towards the construction of railway lines expected to stretch some 5,000 kilometers from Addis Ababa into the various regions of the country. Government officials have commented that it is economically viable to transport minerals by rail from the country's major mineral resource regions, including the Afar region which hosts Allana's potash project. Allana's project is specifically mentioned in the article and government officials have stated that the project is one on the main strategic projects of the country within the coming five years. A copy of the article is available at http://en.afrik.com/article17612.html.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 115.3 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Bobwins
Posted: Wed Apr 21 7:48:28 2010
Broke....
I have 26 Canadian stocks in my Canadian brokerage acct. I have a US acct with another 30 stocks. Minimal overlap.
Thanks for your concern about my financial health. I did 130% last year after a disastrous 2008. My 9 year average CAGR is 17% after deducting living expenses and outside investments. I have been doing this full time for 9 years.
Why do you care how many stocks I like?
I write about stocks I own. I list why I like them. I typically put the start price in the header. Naturally the winners look good and the losers disappear.
Here's a list of some winners:
AAA.v .21 now .52 started 10/28/09
MMT.v .17 now .31 3/5/10
IAE.v .76 now 2.54 6/9/09
STP.v 1.12 now 1.28 3/5/10
AVR.v .48 now .71 12/20/09
ZCO.v 3.16 now 7.15 12/19/09
MLL.to 3.50 now 4.25 4/4/10
PER.v .34 now .50 2/5/10
My biggest positions in Canada are OGC.to, SCG.v and NPA.v.
Out of my 26 Canadian positions, two are in the red. Dpe.v and GPD.v.
Which Canadian mutual fund do you recommend?
Bobwins
elephant
Posted: Thu Apr 15 17:35:00 2010
Broke in Canada
You have $70 000 cash in your account(Elephant/Nguyen 2010 international stock market contest)
you are a participant but very quiet...
Regard!
Elephant
Broke in Canada
Posted: Thu Apr 15 15:32:58 2010
Quick question Bobwins. How many resource and penny stocks do you have in your portfolio - like 200? How can you generate abnormal returns when almost every third stock on the venture meets your investment criteria. Buy a junior mutual fund and save yourself the hours of wasted research and posts.
Bobwins
Posted: Thu Apr 15 8:20:50 2010
AAA.v C$.51
Looking forward to China and India continuing to grow at a very rapid pace, you know that food production is going to need to increase worldwide. Agriculture is going to be hot for a long time. We need food to feed a hungry and growing world with limited supplies of arable land and clean water.
While not the only solution, more fertilizer is the one answer that is needed along with soil conservation and cleaning up available water supplies.
Allana has a big deposit of potash in a low cost environment in Ethiopa. BHP has a neighboring deposit and has been rumored to be interested in a JV or investment in Allana. AAA.v is currently drilling to replicate historic drilling and possibly increase the size of the deposit.
Allana Potash Commences Phase I Drilling at Ethiopian Potash Project
Allana Potash Corp. (TSX VENTURE: AAA) ("Allana" or the "Company"), is pleased to announce that it has commenced its Phase I drilling programme on its Ethiopian Potash Project in the Danakhil Depression. The drill is active at hole DK-10-01 which is located on the northern extension of the Musley Deposit and is designed to provide information on the potash mineralization between Parsons holes 233, 238 and 159. Hole DK-10-01 is expected to intersect the potash-bearing Houston Formation at a vertical depth of 75 metres. The Phase I programme is comprised of between 2,500 and 3,000 metres of drilling and is expected to be completed in approximately three months.
In addition to the start of drilling, camp construction is approaching completion near the village of Hamadela and plans to expand the camp to accommodate additional personnel have been initiated. The camp will accommodate approximately 35 people and provide a safe and efficient base of operations for all upcoming Allana activities.
The Phase 1 programme currently consists of 7 holes and is designed to confirm historic drilling results, to confirm the accuracy of the previous resource and to potentially increase the resource. It is expected that drill holes will vary in depth from 200 metres to 800 metres and will test potash horizons near the current resource as well as in the centre of the evaporite basin. It is planned that the drill programme will be followed by down-hole seismic studies (vertical seismic profiling) and a programme of surface 2D seismic over the southern part of the basin.
Farhad Abasov, President and CEO of Allana Potash, stated: "We are excited to start our drill program in the Danakil Depression almost 50 years after Parsons conducted its potash exploration. I would like to commend and congratulate our in-country exploration team which has done a terrific job in this regard. With the recently closed financing, Allana Potash is now in a position to complete not only the first phase of drilling, but also expects to complete 2D and down-hole seismic programs followed by a planned drill campaign of 10,000 meters."
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 114.8 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Bobwins
Posted: Sun Feb 28 11:00:07 2010
AAA.v C$.47 hot again after rumors that BHP is sniffing around. This article fueled the speculation.
after slipping to a recent low of C$.27 after peaking at C$.44 on 11/9/09(why didn't I sell some???) AAA.v is hot again. Up .05 yesterday on strong volume of 3.2million and up again today. +.025 to C$.35 on 1.47million volume this morning.
No news but a rumor that CEO is talking with potential JV partners. Surprised at the volume but the rumor mill must be working hard. Still holding for a JV deal and a drill program to verify historic estimates.
Bobwins
Posted: Fri Nov 6 8:40:03 2009
AAA.v +.035 to C$.36 Keeps going up on multi million share volume per day. This article from Northern Miner clears up some things. Stan Bharti is involved in AAA. He is also part of Forbes and Manhattan, a merchant bank in Canada involved with miners. CMU is a Chinese investment fund that has agreed to finance part of the mine construction and take 20% of production from Allana. They will take no equity or than buying 2million dollar worth of stock at .25. This will give Allana money to progress with drilling even if they don't sign a deal with ChinaCo.
Last sentence of this article connects Forbes and Manhattan with CMU. As article points out, AAA.v still needs the rest of the mine construction financed. Next deal announced should be the one market was expecting, with a majority of the financing done. Should be better than the 70/30 split in the original ChinaCo deal announced in July as Memorandum of Understanding.
Chinese fund making inroads with North American juniors
Vancouver - A new source of Chinese financing is proving to have a healthy appetite for juniors in its first six months of being. Allana Resources (AAA-V) has become the third public company targeted by a recently established Chinese investment fund called the China Mining United Fund (CMU), the first such fund approved by the Chinese government.
The CMU is buying 8 million Allana shares at 25¢ a share for a total of $2 million and has also agreed, pending signature of a definitive agreement and the outcome of a planned feasibility study, to take 20% of Allana's potential production at its Ethiopian potash project and to pay for 35% of the project's anticipated US$280 million in capital costs.
The Allana deal brings to $5.8 million the amount the CMU has doled out since it was formed in May when it announced it had raised about US$73 million in capital from Chinese investors. The CMU's goal?
"The fund will primarily invest in outstanding domestic or offshore mining-related projects and taking control of public mining companies with great potentials," the CMU states on its website. "The fund will also engage in activities such as resource integration, joint projects, pre-IPO investments, credit guarantee and short-term loans with its partners."
While the CMU promises to use a diverse financing toolkit, the CMU's forays into the North American market have so far followed a fairly simple formula. In all three financings it has spearheaded the CMU has taken minority stakes in juniors with market capitalization under $40 million.
The CMU's first investment was a $3 million private placement in Klondex Mines (KDX-T, KLNDF-O), which has long-owned and operated the Fire Creek gold project in Nevada, in return for about 1.7 million shares at $1.75 a share.
Next, partnering with China Nonferrous Metals Exploration, the CMU financed Murgor Resources (MGR-V), a junior with copper, zinc, silver and gold assets on option in Manitoba and Saskatchewan, with $810,000 in return for 8.1 million shares at 10¢ a share, giving it around 15% of the company's outstanding shares.
An emerging pattern in the CMU's investments is a desire to be involved with the companies it is buying. In each of three financings of public companies to date the CMU has been given a board of directors seat. Klondex is the first and only so far to have received a nomination from the CMU, while Murgor and Allana are still awaiting word of who will be coming to their tables.
Nor does the CMU's hunger for investments seem to be limited to a single flavour. Its three financings have so far been in companies with disparate assets: From gold (Klondex and Murgor), to copper, zinc, lead and silver (Murgor), and then all the way to potash (Allana).
The assets of each company are also at similar stages of development. In each case there are resources in the ground on flagship projects. Klondex has pegged its Fire Creek project at 5 million indicated tonnes grading 10.11 grams gold per tonne; Murgor puts its Wim deposit at 2.8 million indicated tonnes grading 1.94% copper, 0.3% zinc, 1.88 grams gold and 7.53 grams silver per tonne, and its Hudvam resource estimate at 854,100 tonnes grading 1.22% copper, 1.78% zinc, 3.82 grams gold and 13.84 grams silver; and finally Allana's Dallol potash project in Ethiopia weighs in at 105 million inferred tonnes grading 20.8% potassium chloride.
While so far the CMU's influence has come in the form of cash and board membership, the CMU has tentatively gone a step further in the case of its latest investment in Allana. It is the first to involve, at least publically, promises of an off-take agreement and help with financing construction of a proposed mine. Just how committed is the CMU to those promises?
"It's very firm," says Allana president and CEO Farhad Abasov. "We're going to sign a definitive agreement." Abasov could not, however, pin down a schedule for when that definitive agreement will be signed, explaining that with other parties interested in being involved in its potash project, "big players" Abasov says, the company is biding its time so as to get the best deal possible.
"We're trying to play our hand right," he says. In ongoing negotiations, not only with the CMU, Abasov says Allana will consider joint-ventures and full-on takeovers. "Both are still on the table," he says.
Though the partnerships with the CMU are still fresh, so far the relationships the CMU has forged appear void of controversy. Murgor president and CEO Andre Tessier says his experience with the CMU has been "nothing but positive".
While the CMU has yet to send a nominee to Murgor's board, Tessier says there have been numerous meetings, both in Canada and China, and that the two companies are essentially on the same page. "They've basically established goals for our company and we've discussed where we want to go."
Tessier, who says the presence of the CMU and other Chinese funds like it signal "the new way of doing things" in the market, suggests that the CMU, instead of buying a company outright, would rather collaborate. "They want to learn the Canadian way of doing things," Tessier says.
That desire, Tessier agrees, to be minority partners rather than dominating shareholders, may be born out of a recognition by the Chinese that in foreign markets its presence is not always perceived positively: The case in point being, of course, the recently failed Chinese attempt to secure an increased stake in Rio Tinto (RPP-N, RIO-L).
By this way of thinking the CMU may be seen as using a less controversial tactic by securing minority stakes in small commodities-based companies.
Whatever the reason for the new Chinese funding model, its implication to juniors in North America is becoming clear. There is a new kid on the block, with pockets full of cash, who may give traditional investment groups a run for their money.
Not only do both Tessier and Abasov report that the CMU has signaled its willingness to be involved in future financings, Tessier calls them "keen" while Abasov describes them as "eager", but the CMU also appears willing to pay more than going rates. It is noteworthy that in all three financings, with Klondex, Murgor and Allana, the CMU only bought straight-up shares without any warrants attached. Furthermore the CMU did so at shareprice premiums at a time, Tessier notes, when other North American firms would have likely demanded a rebate.
Though Tessier renders the CMU apparent generosity down to its longterm thinking, suggesting that securing commodities assets is driving their acquisitions moreso than pure financial considerations and returns on investments, it seems equally plausible that the premium the CMU has been willing to pay may be related to its relative inexperience in arranging these types of financings.
Whatever the case may be, the effect on the market is more or less the same. As Tessier puts it: "Larger North American companies (who finance juniors) will need to become aware that there is a hungry bear on the prowl."
The CMU has said it has plans to raise as much as US$1 billion and in August it announced it had created, in partnership with merchant bank Forbes and Manhattan, a US$100 million fund to invest in the mining sector.
Market didn't like this but I did. Bought more at C$.29. This deal gives AAA.v $280million without losing ANY interest in the potash project! Still need another $520 million to build the project but this is a good start with no dilution or loss of interest. They must be confident they can find financing for the rest.
AAA.v -.035 to C$.30
November 4, 2009
Allana Resources Announces $2 Million Private Placement and a Strategic Off-Take/ Financing Deal With a Chinese Mining Group
TORONTO, ONTARIO--(Marketwire - Nov. 4, 2009) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that following the review of several proposals to participate in Allana's potash project in Ethiopia (the "Project") (See News Release dated October 28, 2009), Allana has decided to enter into a strategic offtake/financing agreement (the "Offtake/Financing Agreement") with China Mineral United Management Ltd ("China Mineral") and announces an initial $2 million private placement financing with China Mineral (the "Strategic Investment").
The Strategic Investment will be by way of a non-brokered private placement for gross proceeds of $2,000,000 based on the issuance of 8,000,000 common shares at a price of $0.25 per common share.
Closing of the initial $2 million Strategic Investment is anticipated to occur on or about November 5, 2009 or as soon thereafter as practicable (the "Closing Date") and is subject to the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The common shares issuable will be subject to resale restrictions for a period of four months plus one day from the Closing Date.
In addition, based upon management's review and recommendation, Allana has agreed to negotiate the Offtake/Financing Agreement with China Mineral, a Chinese mining investment group closely associated with one of the largest fertilizer companies in China. Pursuant to the proposed Off-take/Financing Agreement,[b] China Mineral would acquire 20% of the Project's total potash production at a price discounted to the market price and equal to Allana's full operating and shipping costs plus a profit margin for Allana. This potash pricing structure will continue until China Mineral completely recovers its initial investment of the Construction Costs described below. Once China Mineral recovers its initial investment, it is proposed that the pricing will then be negotiated in good faith, based on international potash market price benchmarks.
As consideration for the Offtake/Financing Agreement, it is proposed that China Mineral will commit to finance 35% of the Project's required construction costs, which, based on current estimates are expected to be approximately US$280,000,000 (the "Construction Costs"). Allana also believes that its strategic relationship with China Mineral positions the Company well to attract debt financing in the future as required, which will further enhance the Project's return on equity.[/b]
Allana management believes that the Project is a significant potash asset that is undervalued based on Allana's current market capitalization, partially due to the financing risk associated with advancing the Project to commercial operations. Allana management also believes that any potential transaction whereby direct or indirect economic control of the Project changes hands at this early stage of the Project's development, is not in the best interests of Allana's shareholders. As such, management's primary objectives in negotiating a transaction structure were: (i) to significantly reduce the financing risks associated with the Project; and (ii) to allow Allana to retain full economic control of the Project in order to maximize value for Allana shareholders in the future, including being paid a change of control premium for the Project. The Offtake/Financing Agreement and Strategic Investment, in Allana's view, fulfill both of these objectives. Furthermore, Allana remains strategically positioned to freely continue discussions with any strategic counterparty, including ChinaCo. (see News Releases dated July 20, 2009 & September 15, 2009), and can pursue other mutually beneficial transactions.
Farhad Abasov, Allana's President and CEO, stated "We are delighted to be forming a strategic relationship with China Mineral as this marks an important milestone in the development of our potash project. We believe that this approach will result in near-term value creation for Allana shareholders while at the same time, preserve long-term shareholder value going forward. China Mineral is a strong mining group and we were particularly impressed with the professionalism, enthusiasm and speed with which they pursued and concluded negotiations. We look forward to working with China Mineral in developing this outstanding potash project."
The net proceeds of the Strategic Investment will be used to fund exploration and development of the Project and for general corporate and working capital purposes.
Allana has agreed to pay a commission in the amount 6% cash in connection with the Strategic Investment.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see Allana News Release Sept. 17, 2008). Allana has approximately 80.8 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA"
Bobwins
Posted: Tue Nov 3 15:50:07 2009
This is an excellent post from stockhouse by Hermes8. The JV and financing announcement will be the big near term catalyst but as you can see, there will be lots happening in 2010.
From the September 2009 presentation posted at Allana's website (re: slide #16):
http://www.allanaresources.com/docs/AAASept2009.pdf
Plus announcement of JV partner (definitive agreement): imminent
Bobwins
Posted: Tue Nov 3 15:45:38 2009
aaa.v C$.32 Added a few more at .29 today. Hearing rumors that Allana will announce a deal fairly soon. Days, weeks, months? Don't know but if they have agreed on the terms, I assume they will PR it fairly quickly. Allana wants to drill to prove up the historic resource and get it into at an inferred resource under NI-43-101 standards.
To drill, they need a JV partner. Currently their first announced partner is bankrolling a construction camp. If they are not going with the original Chinaco, I can't imagine they would want them involved in drilling operations.
Still trading at very heavy volumes. Looking very positive for a medium term hold.
Bobwins
Posted: Fri Oct 30 8:41:41 2009
aaa.v +.055 to C$.315 2.61million shares traded.
Allana owns 100% of this Ethiopian deposit. Multiple bidders to be Allana's partner to develop this potentially world class deposit has lit a fire under the stock. However there is risk. This deposit only has a historic resource and hasn't been recently drilled. However the original Chinese company that signed a preliminary Memorandum of Understanding with Allana is experienced in mining in Africa and had their geologists on the site over the past few months. They still want to proceed but now Allana has multiple offers, with improved offers over the original proposal.
Lots of uncertainties but I think it's a potential big winner. This is a potentially a multi billion dollar deposit of potash and fertilizer will be needed even more as population grows, while arable land and water resources become scarcer.
Bobwins
Posted: Wed Oct 28 6:20:36 2009
Allana has a large potash project in Ethiopia. The project has not been drilled recently but has a large historic estimate of very high grade potash over a large area. The project could be mined traditionally or using solution mining. Either way, it will be low cost compared to present Canadian potash operations. In addition, capex to build a large potash mine will likely be 1/2 the cost of building a new Canadian mine,probably 750 million versus 1.5 billion.
This PR confirms that there are now multiple suitors for Allana to chose from. All are Chinese. The first announced Memorandum of Understanding was with a large, former Governmental Chinese company that has experience in Africa in mining. That deal was 70/30 with the Chinese company also buying shares in Allana to allow them to avoid a cheap PP. The new deals include an offer from a smelter that will not include ownership in Allana but front 1/2 the costs in return for a fixed percentage of production at a discounted price. Stock is up in premarket to C$.25. Eventually should be multiples of current price. Potash is not in favor right now but population growth isn't going to stop and China needs to grow more food on less land with less water. They need fertilizer.
Allana Resources Considering Multiple Unsolicited Offers for Its Ethiopian Potash Project
TORONTO, ONTARIO--(Marketwire - Oct. 28, 2009) - Allana Resources Inc. (TSX VENTURE:AAA - News; "Allana" or the "Company"), is pleased to announce that it has received multiple unsolicited offers from various strategic counterparties (the "Other Offers") to participate in its potash project located in the Danakil Depression in northeastern Ethiopia (the "Project"). Allana's management is currently evaluating the Other Offers, all of which include terms and conditions which are presently believed by management to be more attractive than the previously announced memorandum of understanding ("MOU") with ChinaCo (See Allana News Release dated July 20, 2009). In light of its receipt of the Other Offers, Allana will assess the Other Offers relative to the MOU. Following that assessment, Allana will pursue the transaction for the Project that it believes offers the greatest value to Allana's shareholders and is in the best interest of the Company. Allana management firmly believes the Project represents a significant, unique potash asset and that the Other Offers are a testament to the scale, quality, value and scarcity of the Project.
Related Quotes
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AAA.V 0.21 0.00
Chart for ALLANA RESOURCES INC (Tier2)
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Farhad Abasov, Allana's President and CEO, stated, "Allana is pleased to receive additional offers for its significant potash project in Ethiopia. There are currently a number of attractive proposals available to the Company, including the initially contemplated transaction with ChinaCo. Allana will evaluate each one and will pursue the proposal that maximizes shareholder value and is in the best interest of the Company."
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see Allana News Release Sept. 17, 2008). Allana has approximately 80.5 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
