VANCOUVER, British Columbia--(BUSINESS WIRE)-- Western Potash Corp. (WPX: TSX) (FSE: AHE) (“the Company”) announces that the Company has negotiated a $15,000,000 non-brokered private placement to sell up to 31,250,000 units (the “Units”) at a price of $0.48 per Unit. There is a 6% cash finder’s fee payable on the private placement.
Each Unit will consist of one common share (a “Share”) and one share purchase warrant (the “Warrant”). The Warrant can be exercised to purchase one additional common share (a “Warrant Share”) at a price of $0.58 per share within 36 months of closing of the private placement.
In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a “hold period” of four months plus one day from the date of issuance of the aforesaid securities.
The proceeds of the private placement transaction will be used for the completion of the Feasibility Study, environmental and permitting expenditures, as well as, general working capital.
For more information on Western Potash Corp.’s projects, please visit the Company’s website at: www.westernpotash.com
ON BEHALF OF THE BOARD OF DIRECTORS
“J. Patricio Varas”
J. Patricio Varas
President and CEO
Cautions Regarding Forward-Looking Statements
Western Potash cautions the reader that there is no guarantee that any of the matters set out above, including the EIS, are in full compliance with the requirements of the MOE, will completely meet their expected uses, or be accepted by the MOE for its purposes or meet all of its requirements. Except for statements of historical fact relating to Western Potash, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the EIS and the Milestone Feasibility Study, timelines for completion of various steps related to the foregoing; and the ability of Western Potash to develop the Milestone Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Western Potash to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary approvals; the ability to conclude a transaction; uncertainty of future production, capital expenditures and other costs; financing and additional capital requirements; the receipt in a timely fashion of any further permitting for the Milestone Project; legislative, political, social or economic developments in the jurisdictions in which Western Potash carries on business; operating or technical difficulties in connection with mining or development activities; and the risks normally involved in the exploration, development and mining business. Although management of Western Potash has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. Western Potash does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
Western Potash Corp.
John Costigan, 604-689-9378
VP Corporate Development
Source: Western Potash Corp.