EMR was issued the 23,755,626 shares as the first tranche of a $10 million share placement, proceeds of which will be used for Feasibility Studies on the Sierra del Perdon and Javier Potash Projects in Spain.
A further 16,244,374 shares will be issued to EMR on receipt of shareholder approval.
EMR Capital is a recently established institutional fund led by well known industry executives including Owen Hegarty, Jason Chang and Richard Crookes.
Owen Hegarty was the founder and managing director of Oxiana Limited where he led the growth of Oxiana from a junior explorer to an A46 billion Asia Pacific base and precious metals producer within a period of 8 years. Oxiana later merged in 2008 with Zinifex to become OZ Minerals (ASX:OZL).
Owen is also non-executive director of ASX listed Fortescue Metals Group (ASX:FMG), one of the world's largest iron ore companies, vice chairman of two Hong Kong listed resources companies, G Resources and CST Mining, non-executive chairman of the Tigers Realm Minerals Group and non-executive director of Tigers Realm Coal (ASX:TIG).
EMR is the manager of the EMR Capital Resources Fund, which is a closed ended, unlisted, private equity fund which invests into resources companies and projects.
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.