The Tranche 2 funding of $4,873,312.20 completes the $10 million placement that makes Owen Hegarty's EMR Capital private equity group a cornerstone investor in the company.
EMR now holds 40 million shares, or a 15.9% stake in the company on a fully diluted basis.
Highfield's Javier, Pintano and Sierra del Perdón potash projects are located in the Ebro potash producing basin in Northern Spain.
The Sierra del Perdon project includes two former operating mines. Highfield's objective is to quickly recommence production from these mines.
The Javier and Pintano potash projects are located in two separate sub basins within 60 kilometres of the former operating mine. Highfield owns a 100% interest in the five granted tenements with three applications pending that comprise the three projects and cover over 400 km2.
In February 2013, the company had estimated an Exploration Target of 306 million to 338 million metric tonnes of sylvinite to Pintano, equating to a potential range of 44 million to 76 million tonnes of potash.
The initial drill hole of the four hole confirmatory program at Sierra del Perdón had intersected a thick layer of salt which looks to include potassium mineralisation of about 14 metres at depths of 396.05 to 410.05 metres below surface.
Visual inspection of the core indicates that the hole intersected a potassium bearing seam at around 396 metres below the surface extending to around 410 metres.
The seam appears to indicate some 9 metres of interbedded carnallite followed by a further 5 metres of interbedded sylvinite, and is consistent with the historical mining and drill hole data.
Highfield has also this month kicked off initial drilling at the Javier project which covers an area of about 20 square kilometres in Northern Spain.
This program will see the drilling of 11 holes over the coming three months.
Drill rigs will be shifted to the Javier project upon completion of the four-hole campaign at Sierra del Perdón. It is anticipated that there will be three rigs in operation at Javier by the end of August 2013.
The company is also preparing to start in the fourth quarter of 2013 an eight hole initial drilling campaign at the Pintano Project to complement the four existing drill holes that show mineralisation within the project area.
EMR is an Australian based specialist resources based private equity fund manager. EMR is presently seeking to increase commitments in its current fund from $100 million to $400 million.
EMR's investment team has an outstanding track record of resource discovery and development with an ability to recognise and unlock significant value by advancing projects from pre-production through to large scale production.
A maiden JORC Resource is due to be released for Javier this month. Proactive Investors considers this is likely to be just a starting point for this project and we believe there is significantly greater resource upside.
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.