(Ecofin Agency) - Mining firm Avenira hopes to soon raise $AU2.5 million, in the framework of share acquisition plan, to advance its Baobab phosphate project in Senegal.

The company will allow its shareholders to buy new shares ranging overall between AU$1,000 and AU$15,000, at c8.4 per share.

The price offered is 10.6% below the weighted-average price of Avenira’s share which was estimated at $0.094 over the 14 days preceding the announcement regarding share purchase plan.

The Baobab project is presently in its first development phase which will lead to the production 500,000 tons of phosphate concentrates per year.

Extending over 1,553km², the valorization of the project begins on the Gadde Bissik prospect which is situated 110km East of Dakar and expands over about 90km².

Louis-Nino Kansoun