South Harz Potash Entitlement Offer Completion

South Harz Potash Limited (ASX: $SHP) has successfully completed its pro rata entitlement offer, raising $586,000 at an issue price of $0.023 per share. The offer, which closed on Monday 26 February 2024, resulted in the allotment of 52,005,593 new shares, with eligible shareholders applying for 21,282,628 new shares, representing approximately 40.9% of all shares offered. The remaining 30,722,965 new shares constitute the shortfall, which will be partially underwritten and subscribed for by the company's directors and related entities. Allotment of the new shares is expected to occur on Monday, 4 March 2024.

Executive Commentary on Entitlement Offer Results

The completion of the entitlement offer marks an important milestone for South Harz Potash. We are pleased with the level of participation from our shareholders, and we appreciate their support. The funds raised will be instrumental in advancing our potash exploration and development activities, particularly within the South Harz Project. We are committed to delivering value to our shareholders and remain focused on growing a responsible potash business in the heart of Germany.

Summary of Entitlement Offer Completion and Outlook

South Harz Potash (ASX: $SHP) has successfully completed an entitlement offer, raising $586,000, with strong participation from eligible shareholders. The underwriting and subscription of the shortfall shares by the company's directors and related entities demonstrate their confidence in the company's future prospects. The funds raised will support the advancement of the potash exploration and development activities, leveraging the globally large-scale potash JORC Mineral Resource estimate of the South Harz Project. With established infrastructure and favorable project locations, the company is well positioned to achieve rapid economic development across multiple deposits. The allotment of new shares on Monday, 4 March 2024, will further strengthen the company's financial position, enabling it to pursue its corporate strategy and deliver long-term value to its stakeholders.