- Potash explorer FYI Resources (FYI) has received firm commitments to raise up to $6 million through a placement
- Up to 30 million fully-paid ordinary shares will be issued to sophisticated and professional investors at 20 cents each
- This price represents an 11 per cent discount to the 15-day volume-weighted average price
- FYI will use the money to advance its strategy to produce high purity alumina (HPA) from its HPA project in Western Australia
- HPA is the high-purity form of aluminium oxide that is used in the production of synthetic sapphire
- This synthetic sapphire is then used in the manufacture of LED lights and scratch-resistant glass for smartphones and watches
