Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Highfield Resources In Major Capital Raising Initiative

Highfield Resources (ASX:HFR) is in the process of a substantial capital raising and has placed its shares into an ASX trading halt.

The halt will last until the earlier of the announcement being made or the start of trading on Tuesday, 16 April 2013.

Highfield had in February estimated a large Exploration Target of between 44 million to 76 million tonnes of KCl with a grade of between 14.4% to 22.3% at its Pintano Potash Project.

This equates to 306 - 338 million tonnes of sylvinite located in Spain's potash producing Ebro Basin and is primarily based on historic drill hole logs and re-interpreted seismic.

Pintano and the company's two other Spanish Potash projects, Sierra del Perdon and Javier, are all at an advanced stage of exploration and are expected to make rapid progress towards defining a JORC Resources.

Highfield had $2.5 million in cash as of 31 December 2012.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.