Highfield Resources (ASX:HFR) said Yankuang Energy Group received approval from Australia's Foreign Investment Review Board (FIRB) for the Chinese energy company's planned subscription for up to $376 million worth of shares in the Australian potash miner, according to a Tuesday filing with the Australian bourse.
China-based Yankuang Energy plans to subscribe to Highfield Resources' shares at AU$0.50 per share as part of a broader capital raise, the filing said.
The FIRB approval satisfies a key condition precedent for the transaction, the filing added.
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