Taylor-Dejongh (TDJ) has executed a financing agreement with potash property developer Encanto Potash to support a new mining project in Saskatchewan, Canada, on First Nations land.

The funding will be used to develop the Muskowekwan Potash Project, which is being carried out by Encanto and Muskowekwan Resources under a joint venture agreement.

Taylor-Dejongh is set to provide investor funding to Encanto for an initial equity investment of $10m for general working capital requirements under the deal, as well as a subsequent project equity investment of $60m for the completion of project specific activities, including the completion of a bankability feasibility study.

Taylor-DeJongh chief commercial officer Ibrahim Mardam-Bey said: "Encanto's well-devised business plan to develop potash resources on the heels of a significant off take agreement allows Taylor-DeJongh to procure the required financing support for a $10m equity investment targeted to close in May 2017.

"Encanto's well-devised business plan to develop potash resources allows Taylor-DeJongh to procure the required financing support for a $10m equity investment targeted to close in May."

"We will in parallel be finalising a project equity facility commitment of $60m later in June."

Encanto Potash president and CEO Stavros Daskos said: "Taylor-DeJongh's extensive track financing record in the mining sector will be a cornerstone in Encanto's next phase of development.

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"We are excited to add TDJ to our core team of advisors."

Taylor-DeJongh is an energy and infrastructure investment-banking firm, which provides independent strategic and financial advisory services to a global clientele in the development, structuring, negotiating and financing of major capital investments in mining, energy and infrastructure.