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ICL acquires stake in Allana Potash, to develop project in Ethiopia

10:25 AM MST | February 13, 2014 | Deepti Ramesh

Israel Chemicals Ltd. (ICL; Tel Aviv) and Allana Potash (Toronto) say that they have entered into a strategic alliance, under which ICL will invest about $23 million in shares of Allana at a price of about $0.43/share. Allana is a potash mining company whose shares are traded on the Toronto Stock Exchange. Following the completion of its initial investment in Allana, ICL will hold about 16% of Allana’s regular shares on a nondiluted basis; ICL may increase its holding in Allana to about 37%. ICL will support Allana in its development of the previously...

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