05:26 PM EDT, 05/27/2024 (MT Newswires) -- Sage Potash ( SGPTF ) on Monday said it closed a private placement of shares that raised $1.82 million.

The company, which is developing a Utah potash deposit, said it placed 13.5-million shares priced at $0.135 in the financing.

"The Company is pleased to announce this substantial private placement. Upon completion, we will be fully focused on advancing the drilling and pilot production phase throughout the balance of this year," chief executive Peter Hogendoorn said in a release.

The company's shares closed down $0.01 to $0.22 on the TSX Venture Exchange.