Mr. Richard Kelertas reports

ALLANA POTASH COMPLETES SECOND INVESTMENT ROUND BY ICL AS PART OF STRATEGIC ALLIANCE

Allana Potash Corp. has closed a second round of investment by ICL totalling approximately $14.4-million through the sale of 30,614,488 units of the company to ICL at a price of 47 cents per unit. The sale was completed following approval of the previously announced private placement financing by disinterested shareholders at a special meeting that was held on March 28, 2014. (See the press release dated Feb. 12, 2014.) Each unit consists of a common share of the company, 1-1/2 Series A common share purchase warrants and one-half of one Series B common share purchase warrant. Each warrant will be exercisable for one common share for a period of 36 months from issuance of the warrant. Each Series A warrant will be exercisable for a price of 54 cents per common share, and each Series B warrant will be exercisable for a price of 60 cents per common share.

The second tranche offering is part of the company's alliance with ICL pursuant to which an ICL subsidiary entered into a share purchase agreement with Allana on Feb. 12, 2014, for an aggregate investment of $25-million in units of the company at a price of 47 cents per unit on a private placement basis with the potential for a total investment of up to $84-million upon full exercise of the warrants comprising part of the units. The company closed on the initial $10.6-million investment on Feb. 12, 2014.

Farhad Abasov, president and chief executive officer of Allana, commented: "We are extremely gratified by the support of our shareholders for this important strategic alliance with ICL. We believe that our shareholders' overwhelming response in favour of the second tranche offering, with over 99 per cent of the votes cast at the meeting being voted in favour, demonstrates their appreciation for the transformative potential of our alliance with ICL, not only for our respective companies, but for Ethiopia and East Africa, as well. ICL is a recognized, global leader in potash production, distribution and research. Its alliance with Allana, following ICL's comprehensive due diligence, is a credible endorsement of the project's significant potential and will further bolster Allana's long-standing commitment to its advancement. We also believe that ICL's validation of the project, as demonstrated by its equity investment, take-or-pay off-take and technical assistance, will serve to further derisk the project, increase the confidence level of lenders participating in the project's debt financing and help to pave a clear path to securing full funding for the project."

Following the closing of the second tranche offering, ICL holds approximately 16.38 per cent of the issued and outstanding common shares of Allana on a non-diluted basis.

The company plans to use the proceeds from the offering exclusively to finance further optimization and preconstruction activities, to construct the project, and for other general corporate and working capital purposes related to the advancement of the project.

Please see Allana's press release dated Feb. 12, 2014, and the management information circular dated Feb. 26, 2014, both available on SEDAR, for additional information with respect to the company's alliance with ICL.

About ICL

ICL is a global manufacturer of products based on unique minerals that fulfill humanity's essential needs, primarily in three markets: agriculture, food and engineered materials. The agricultural products that ICL produces help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that it produces enable people to have greater access to more varied and higher-quality food. ICL's water treatment products supply clean water to millions of people, as well as industries around the world, and other substances, based on bromine and phosphates, help to create energy that is more efficient and environmentally friendly, prevents the spread of forest fires, and allows the safe and widespread use of a variety of products and materials. ICL benefits from a broad presence throughout the world and proximity to large markets, including in developing regions. ICL operates within a framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders.

ICL is a public company, whose shares are traded on the Tel Aviv Stock Exchange. The company employs around 12,000 people worldwide, and its sales in 2013 totalled approximately $6.3-billion (U.S.). For more information, visit the company's website.

Dr. Peter J. MacLean, PhD, PGeo, Allana's senior vice-president of exploration, is the company's designated qualified person and has reviewed and approved the technical information presented in this release.

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