Allana Potash Corp.(TSX:AAA) announced new private placement financing with Liberty Metals and Mining Holdings. The closing of the financing is anticipated to occur on or before February 25th, 2012.

As quoted in the press release:

In connection with the Offering, the syndicate of underwriters, led by Dundee Securities Ltd., and including National Bank Financial Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., and Fraser Mackenzie Limited, have been granted an over-allotment option (the “Over Allotment”) to acquire up to an additional 3,750,000 common shares (the “Common Shares”), such option being exercisable in whole or in part at any time prior to 30 days after the closing of the Offering. If the Over-Allotment is exercised in full, the aggregate gross proceeds raised pursuant to the Offering will be $23,000,000.

Allana Potash, President and CEO, Farhad Abasov, said:

We are very pleased that both our strategic investors, LMM and IFC, are fully committed to support Allana. Their continuous support will be critical in further development of our potash project in Ethiopia as we are advancing the feasibility study.

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