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Potash developer Highfield Resources has secured a A$25-million strategic investment form EMR Capital and Tectonic Investment Management to help advance the development of its Muga project, in Spain. The investment will be in the form of a convertible notes, with EMR Capital to invest some A$18-million and Tectonic to invest A$7-million. The notes will have a maturity date of 24-months from the date of completion, with the conversion price being the lower of a 25% discount to the price implied by a change of control transaction, the volume weighted average price of Highfield shares over 20 trading days prior to the date of convertible note deed, being 51.5c a share, and a 10% discount to the price of any future equity capital raising by Highfield.

Western australiaIgnacio salazarHighfield resourcesTectonic investment management