Allana Potash Corp. (TSX VENTURE:AAA)reported that the company has entered into an agreement with a syndicate of agents led by Wellington West Capital Markets Inc. to sell units of the company at a price of $0.40 per Unit for gross proceeds of $4 million, on a private placement basis.

The press release is quoted as saying:

Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (for details regarding the resource estimate, see News Release Sept. 17, 2008). Allana has approximately 98.1 million shares outstanding and trades on the TSX-Venture exchange under the symbol “AAA”.

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Click here to access Allana Potash Corporate Site