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November 26, 2024

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Potash Ridge (PRK.V) continues to move with successful financing round

Okay, Reuters dropped a one-liner yesterday indicating Potash Ridge (PRK.V) had announced the closing of an increased private placement late yesterday.

No more info than that…

Tracing back the press release trail, I’m going to assume Reuters brief announcement refers to the $750,000 private placement announced by the company on June 28, 2017.

I’m also going to assume that it closed for more than $750K.

The money, according to the PP press release, will be directed toward advancing Blawn Mountain as well as general corporate purposes.

Potash Ridge made some significant progress with its Valleyfield project as reported here by EUITY.GURU’s Lukas Kane.

Now its fueling up for Blawn.

Blawn Mountain sits in the great state of Utah about 31 miles northeast of the tiny town of Milford. The project itself is comprised of approximately 11,550 acres of state-owned land and contains four areas of alunite mineralization.

Alunite serves as a source of SOP and back in April, the company announced it had 19.4 million tons of the stuff, both measured and indicated, at Blawn.

As availability of arable land decreases, fertilizers will play an increasingly greater role in food production. It is estimated that 7.7 billion of us will depend on potash for cultivation by 2020 using more than 39.0 million tons annually.

The United States came to the table with 770,000 tons of potash in 2015. If things continue as planned for Potash Ridge, Blawn’s production numbers will seriously add to that number.

The project is surrounded by rail and road arteries as well as two energy corridors. On top of infrastructure, the surrounding area gives Potash Ridge easy access to construction materials such as sand, gravel, limestone and cement.

Potash Ridge also has access to nearby heavy equipment suppliers, industrial suppliers, mining support services and an experienced labor force in both Utah and neighboring states.

If that wasn’t enough, Blawn Mountain has the support of both the municipality and the state.

The junior has its eye on surface mining operations, which traditionally are lower-cost and lower-risk ventures compared to underground mining.

Closing this financing will help propel the company toward its goal at Blawn.

 

 

–Gaalen Engen

http://twitter.com/gaalenengen

 

FULL DISLCOSURE: Potash Ridge is an EQUITY.GURU client.

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