Highfield Resources (ASX:HFR) received approval from the Foreign Investment Review Board for Beijing Energy International's proposed subscription for $50 million worth of shares in the company at AU$0.50 apiece, according to a Thursday filing with the Australian bourse.

The proposed subscription is part of the company's cornerstone placement and Southey vend-in strategy, in which it aims to raise equity capital from Beijing Energy and other strategic investors, and acquire the Southey potash project in Canada, the filing said.

Shares rose 2% in midday trade Friday.