IC Potash announces financing
June 16 2017 - 6:30AM
IC Potash Corp. (TSX:ICP) (OTCQB:ICPTF)
(“
IC Potash” or the “
Company”) is
pleased to announce a non-brokered offering of up to 20,000,000
units of the Company (the “
Units”) at a price of
$0.05 per Unit for aggregate gross proceeds of up to $1,000,000
(the “
Offering”).
Each Unit will consist of (i) one common share
of the Company (a “Common Share”); and (ii) one
common share purchase warrant (a “Warrant”).
Each Warrant will entitle the holder to acquire one additional
Common Share at an exercise price of $0.08 for a period of 12
months from the Closing Date (as defined below), provided that if,
at any time after the date which is four months and one day
following the Closing Date, the volume weighted average price of
the Common Shares on the Toronto Stock Exchange (the
“TSX”) is equal to or exceeds $0.18 for 20
consecutive trading days, the Company may accelerate the expiry
date of the Warrants, in which event the Warrants will expire upon
the date (the “Accelerated Expiry Date”) which is
30 days following the dissemination of a press release by the
Company announcing the Accelerated Expiry Date.
IC Potash intends to use the net proceeds for
working capital purposes. The Offering is expected to close on or
about June 27, 2017 (the “Closing Date”) and is
subject to customary closing conditions, including the approval of
the TSX. Securities issued under the Offering will be subject to a
hold period, which will expire four months and one day from the
Closing Date.
The Company may pay finder’s fees to certain
qualified eligible persons assisting the Company in the Offering in
an amount equal to 7% of the gross proceeds raised by such
finders. The Company may also issue such number of broker
warrants (“Broker Warrants”) to qualified eligible
persons as is equal to 7% of the aggregate number of Units sold by
such finders, each such Broker Warrant entitling the holder to
acquire one Common Share for a period of 12 months at an exercise
price equal to $0.06.
About IC Potash Corp.
IC Potash has previously demonstrated a method
to make Sulfate of Potash (“SOP”) from the Ochoa polyhalite deposit
in Southeast New Mexico in which it has an interest and is
currently examining ways to become a low-cost fertilizer producer.
The current review of the Ochoa project’s existing feasibility
study is being extended to determine a viable positive economic
path to the production of direct application polyhalite. The Ochoa
project has access to excellent local labor resources, low-cost
electricity and natural gas, water, rail lines, and the Port of
Galveston, Texas. The Ochoa project’s land holdings consist of
nearly 90,000 acres of potassium prospecting permits and mining
leases issued by the U.S. Bureau of Land Management and State of
New Mexico. For more information, please visit
www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties and other
factors which may cause the actual results, performance or
achievements of IC Potash to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements include
statements that use forward-looking terminology such as “may”,
“will”, “expect”, “anticipate”, “believe”, “continue”, “potential”
or the negative thereof or other variations thereof or comparable
terminology. Such forward-looking statements include, without
limitation, statements regarding trends in the markets for Sulfate
of Potash and polyhalite, the timing for completion of an updated
feasibility study by the Company, the Company’s intention to
investigate the feasibility of polyhalite product production, the
potential value of water resources and other statements that are
not historical facts. These forward-looking statements are subject
to numerous risks and uncertainties, certain of which are beyond
the control of IC Potash, including, but not limited to, changes in
market trends, the completion, results and timing of studies
undertaken by IC Potash, risks associated with mineral exploration
and mining activities, the impact of general economic conditions,
commodity prices, industry conditions, dependence upon regulatory
and environmental approvals, the uncertainty of obtaining
additional financing, and risks associated with turning reserves
into product. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking
statements.
For More Information, Please Contact:
IC Potash Corp.
Mr. Mehdi Azodi, +1-416-779-3268
Chief Executive Officer
MAZODI@ICPOTASH.ORG