TORONTO, June 29, 2017 (GLOBE NEWSWIRE) -- 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 Votes For | % of Votes For | # of Votes Withheld | % of Votes Withheld | ||||||||||
| 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 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.