IC POTASH ANNOUNCES CLOSING OF PREVIOUSLY PRESS-RELEASED $20,000,000 EQUITY OFFERING
March 17 2011 - 8:06AM
PR Newswire (Canada)
TORONTO, March 17 /CNW/ -- /NOT FOR DISSEMINATION IN THE UNITED
STATES OR THROUGH US NEWSWIRE SERVICES/ TORONTO, March 17 /CNW/ -
IC Potash Corp. (TSX-V: ICP, OTCQX: ICPTF) ("ICP" or the "Company")
is pleased to announce that its previously press-released bought
deal offering (the "Offering") of 12,500,000 common shares of the
Company ("Common Shares") at a $1.60 per Common Share for aggregate
gross proceeds of $20,000,000 has closed. The Offering was
led by Stifel Nicolaus Canada Inc. on behalf of a syndicate of
underwriters including Wellington West Capital Markets Inc.,
Macquarie Capital Markets Canada Ltd., Cormark Securities Inc.,
Mackie Research Capital Corporation, Clarus Securities Inc., and
Stonecap Securities Inc. (collectively, the "Underwriters"). ICP
has also granted to the Underwriters an over-allotment option to
purchase up to an additional 1,875,000 Common Shares on the same
terms and conditions, exercisable at any time, in whole or in part,
for a period of 30 days following the closing of the Offering (the
"Over-Allotment Option"). If the Over-Allotment Option is
exercised in full, the gross proceeds to the Company will be
$23,000,000. ICP intends to use the net proceeds for the
continued development of its Ochoa property located in Lea County,
New Mexico and for general working capital purposes.
President & CEO, Sidney Himmel, commented, "The Company is very
encouraged by the continued support of shareholders, reaffirmed by
this financing, as we advance the Ochoa project to pre-feasibility
in the last quarter of 2011." This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended, (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. About ICP IC Potash Corp. intends to
become a primary producer of Sulfate of Potash ("SOP") by mining
its 100% owned polyhalite Ochoa property in New Mexico. SOP is a
non-chloride based potash fertilizer that sells at a substantial
premium over the price of Muriate of Potash ("MOP"), the most
widely used fertilizer in the world. Typically SOP sells at a
premium of over 40% to MOP. IC Potash Corp. is focused on being the
lowest cost producer of SOP in the world. The SOP market is over 5
million tonnes per year and is a significant fertilizer in the
fruit, vegetable, tobacco, and horticultural industries, and for
agriculture in saline and dry soils and soils in which there is
much agriculture with varieties of crops, such as in China, India,
the Mediterranean, and the United States. The Company's Ochoa
property consists of over 100,000 acres of federal sub-surface
potassium prospecting permits and State of New Mexico Potassium
mining leases. 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.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of ICP,
including, but not limited to, risks associated with mineral
exploration and mining activities, the impact of general economic
conditions, industry conditions, dependence upon regulatory
approvals, and the uncertainty of obtaining additional financing.
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. NEITHER THE TSX
VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/17/c3802.html
p align="justify"please visit a
href="http://www.icpotash.com"www.icpotash.com/a or contact Sidney
Himmel, President and Chief Executive Officer of IC Potash Corp. at
a href="mailto:sid@icpotash.com"sid@icpotash.com/a or
1-416-624-3781./p
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