Emmerson plc announced late last week that it raised £ 2.25 million to accelerate the development of its Khemisset potash project in Morocco. The funds were raised through an investment that saw the company issue 60 million new common shares at a 3.75 per cent unit price.
The company intends to use it for the imminent needs of short-term capital, in order to continue to advance the development of the Khemisset project. By the end of the year, she plans to update the mineral resources, continue discussions for sample agreements and publish a full feasibility study (FS) for the project.
“The FS will build on the findings of an exploratory study that highlighted one of the industry’s most attractive investment costs and EBITDA margins,” said CEO Hayden Locke.
Based on current estimates, the Khemisset project is expected to generate after-tax cash flows of approximately $ 190 million per year.