IC Potash announces closing of Private Placement Financing and results of 2017 annual shareholders’ meeting
June 29 2017 - 6:30AM
IC Potash Corp. (TSX:ICP)
(OTCQB:ICPTF) (“IC Potash” or the “Company”) is pleased to
announce the closing of a non-brokered private placement (the
“
Private Placement”). An aggregate of 16,738,808
units of the Company (the “
Units”) were issued at
$0.05 per Unit for aggregate gross proceeds of $836,940.
Each Unit consists of (i) one common share of the Company (a
“Common Share”); and (ii) one common share purchase warrant (each a
“Warrant”). Each full Warrant entitles the holder to acquire
one additional Common Share at an exercise price of $0.08 until
June 28, 2018, 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”) equals 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. The Company paid a
finder’s fee of $14,000 and issued 280,000 broker warrants
entitling the holder to acquire one Common Share for a period of 12
months at an exercise price equal to $0.06.
The proceeds will be used for working capital.
Further, the Company announced results of the
voting at its annual meeting of shareholders (the “Meeting”) held
on June 28, 2017 in Toronto, Ontario, Canada.
At the Meeting, all director nominees listed in
the Company’s management information circular dated May 24, 2017
were elected as directors of the Company. The detailed results of
the vote by ballot are as follows:
Election
of Directors |
|
|
# of
VotesFor |
|
|
% of VotesFor |
|
|
# of
VotesWithheld |
|
|
% of VotesWithheld |
John Stubbs |
|
|
88,334,641 |
|
|
99.14 |
% |
|
|
762,775 |
|
|
0.86 |
% |
Mehdi Azodi |
|
|
88,330,416 |
|
|
99.14 |
% |
|
|
767,000 |
|
|
0.86 |
% |
Hon. Pierre Pettigrew
PC |
|
|
88,334,416 |
|
|
99.14 |
% |
|
|
763,000 |
|
|
0.86 |
% |
Ernest Angelo, Jr. |
|
|
88,332,516 |
|
|
99.14 |
% |
|
|
764,900 |
|
|
0.86 |
% |
Knute H. Lee, Jr. |
|
|
88,332,116 |
|
|
99.14 |
% |
|
|
765,300 |
|
|
0.86 |
% |
In addition, 32,866,056 shares were voted by
proxy in favour of the election of all directors, but, were
received late and were not included in the above-referenced
results.
At the Meeting, shareholders re-appointed
Davidson & Company LLP as auditors of the Company.
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 StatementsCertain 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