IC Potash Shareholders Approve Settlement
October 13 2017 - 6:00AM
IC Potash Corp. (TSX:ICP)
(OTCQB:ICPTF) (“IC Potash” or the “Company”) is pleased to announce
that at its special meeting on October 12, 2017 over 50% of
shareholders attended in person or by proxy and a special majority
of voting shareholders (the “Company Voting Shareholders”), have
approved the special resolution (the “Settlement Resolution”)
authorizing the transfer all of the issued and outstanding common
shares of Intercontinental Potash Corp. (USA) (“ICP(USA)”) back to
ICP(USA) in return for up to US$15 million in accordance with the
terms and conditions of the Definitive Agreement as outlined in the
Circular (the “Settlement”). The Company will now proceed towards
completing the Settlement in accordance with the terms of the
Definitive Agreement. The Company anticipates closing by October
16, 2017.
The Settlement Resolution was approved by 99.54%
of the 119,884,879 votes cast by Company Voting Shareholders,
present in person or represented by proxy at the special meeting of
shareholders held on October 12, 2017 (the “Meeting”). The Company
has therefore satisfied its shareholder approval requirements in
respect of the Settlement Resolution, being approval by not less
than 66⅔% of the votes cast by Company Voting Shareholders.
“The strong voting support in favour of the
Settlement clearly demonstrates that the shareholders recognize
this important opportunity to move forward," said Mehdi Azodi,
President and CEO of IC Potash.
Company Voting Shareholders also approved
resolutions to re-approve the Stock Option Plan of the Company (the
“Stock Option Plan Resolution”), to ratify and approve the
amendment to By-law no. 1 to permit uncertificated shares (the
“By-law Amendment Resolution”), and the special resolution
approving the amendment of articles of incorporation of the Company
to change the name of the Company from “IC Potash Corp.” to such
other name as the Board of Directors, in its sole discretion, deems
appropriate (the “Name Change Resolution”). The Stock Option Plan
Resolution was approved by 98.34%, the By-law Amendment Resolution
was approved by 98.55%, and the Name Change Resolution was approved
by 99.25% of the 119,884,879 votes cast by Company Voting
Shareholders, present in person or represented by proxy at the
Meeting. The Company has therefore satisfied its shareholder
approval requirements in respect of each of the Stock Option Plan
Resolution, the By-law Amendment Resolution, and the Name Change
Resolution, being approved by not less than 50.01%, 50.01% and 66⅔%
respectively. In addition, the Company has confirmed that no
shareholders exercised dissent rights in connection with the
Settlement Resolution.
About IC PotashIC Potash intends to develop a
diversified portfolio of investments and interests with an initial
focus on organic fertilizers and resource assets. IC Potash will
have two subsidiaries; ICP Organics, a subsidiary focused on
research and development and investment in the fertilizer and
cannabis sectors, and a second to be formed in 2018 to further
accommodate the new ventures being investigated. ICP Organics will
be focused on the development of various fertilizers which are USDA
Certified Organic and will have a multidisciplinary mandate through
engineering and health sciences viewpoints. ICP Organics will
conduct research on the impact of organic fertilizers on the yield
and medicinal properties of cannabis to develop products that can
be sold to cannabis growers. Research and development and
manufacturing of crop nutrients, bio-fertilizers, bio-pesticides
and spray adjuvants will be done in a safe, environmentally
friendly and cost-effective manner.
IC Potash intends to establish joint R&D
partnerships with Canadian Licensed Cannabis Producers and cannabis
producers in the United States to test the organic fertilizer
assets, products, and concepts being sourced and/or developed by IC
Potash. IC Potash has made a small equity investment in a Canadian
Licenced Producer building medical cannabis operations in Columbia
focused on branding low-cost / high-quality pharmaceutical cannabis
products. As IC Potash grows, it plans to build a diversified
portfolio in dispensary operations and commercial-scale cannabis
cultivation, product formulation and pharmaceutical-grade
testing.
IC Potash’s growth strategy is to expand its
business through market expansion and product diversification and
create competitive advantage by developing a comprehensive
distribution chain and strong relationships with growers.
The Company will also make investments in
various private and public companies from time to time and will
continue to expand its portfolio as opportunities arise that offer
attractive returns. IC Potash will continue to seek out
synergistic sectors in which to expand its business through a
formally developed investment strategy.
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 planned
investment activities, trends in the markets for fertilizers and
medicinal or recreational use of cannabis, the timing or assurance
of the legalization of recreational cannabis, the timing for
completion of research and development activities, the potential
value of royalties from water and other 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 research undertaken by IC Potash, risks associated with
resource assets, the impact of general economic conditions,
commodity prices, industry conditions, dependence upon regulatory,
environmental, and governmental approvals, the uncertainty of
obtaining additional financing, and risks associated with cannabis
use for medicinal or recreational purposes. 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:
Mehdi Azodi, IC Potash, President & CEO, 416
779 3268, mazodi@icpotash.org