Pacific Potash Closes $1,250,000 First Tranche of its $2,250,000 Financing and Announces Shareholder Special Meeting May 31, 2013
(via Thenewswire.ca)
Vancouver, British Columbia - April 24th, 2013 - Pacific Potash
Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "Pacific
Potash" "the Company") is pleased to announce that the
Company has received TSX conditional approval for its previously
announced $2.25 million placement and has closed the first tranche
consisting of 15,625,000 units for gross proceeds of $1,250,000
The second tranche of the financing involves a subscription for
12,500,000 units ($1,000,000) by Sino-Canada Natural Resources Fund I
("Sino-Canada Fund"). Upon closing of its subscription,
Sino-Canada Fund will hold approximately 18.1% of the outstanding
shares of Pacific Potash, on an undiluted basis. Pursuant to TSXV
policies, the change of control resulting from Sino-Canada Fund's
subscription is subject to shareholder approval. The Company has set
a shareholder meeting date for May 31, 2013 in order to receive
approval for the change of control. In addition, upon closing,
Sino-Canada Fund will have the right to appoint a nominee to be
Co-Chairman and a Director of Pacific Potash Corp.
Sino-Canada Fund, which plans to invest over $500 million in the
coming two years in Canadian listed and private companies that develop
and operate natural resources projects worldwide, released the
following statement to Pacific Potash, "We are excited about our
investment in Pacific Potash. Sino-Canada Fund prides itself in being
a long term investor in resource based projects and we look forward to
being a cornerstone investor in Pacific Potash through all phases of
development of their Brazilian potash project."
"We are pleased to announce the first closing of the financing
and look forward to welcoming Sino- Canada Natural Resources Fund as
the new control entity, pending shareholder approval. We feel that
Sino-Canada Fund and their nominee to the Board of Directors will
bring significant experience and a solid partnership that will benefit
Pacific Potash shareholders." stated Executive Chairman and
Director, Balbir Johal.
In compliance with Canadian Securities law, all securities issued in
connection with the first closing of the private placement are subject
to a hold period that will expire on August 23, 2013.
About Sino-Canada Natural Resources Fund:
Sino-Canada Natural Resources Fund is a Cayman Islands registered
private equity fund focused on investments in Canadian listed and
private companies that develop and operate natural resources projects
(mining, oil & gas, forestry) worldwide. Sino-Canada Fund is
managed in Hong Kong on behalf of private and institutional investors
from China.
About Pacific Potash Corporation:
Pacific Potash Corporation trades on the TSX Venture Exchange under
the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on
the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in
the exploration and development of the Amazonas Basin Project and the
surrounding potash claims targeting the Middle Amazonas Potash Basin,
currently the host to multiple new exploration campaigns for potash.
The Company also is exploring the Provost Potash Property and the
surrounding potash claims targeting the prolific Prairie Evaporite
Formation, which is host to multiple conventional and solution potash
mines.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal, LL.B
Executive Chairman& Director
For further information, please visit our website at
www.pacificpotash.com or contact our V.P of Corporate Communications,
Mike Blady:
Mike Blady
Office: 604.895.7446
Email: mblady@pacificpotash.com
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.
Caution concerning forward-looking information
This press release contains "forward-looking information"
and "forward-looking statements" within the meaning of
applicable securities laws. This information and statements address
future activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently identified
by words such as "may," "will,"
"should," "anticipate," "plan,"
"expect," "believe," "estimate,"
"intend" and similar terminology, and reflect assumptions,
estimates, opinions and analysis made by management of Pacific Potash
in light of its experience, current conditions, expectations of future
developments and other factors which it believes to be reasonable and
relevant. Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Pacific Potash's actual
results, performance and achievements to differ materially from those
expressed or implied by the forward-looking information and statements
and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include
but are not limited to the availability of financing; fluctuations in
commodity prices; changes to and compliance with applicable laws and
regulations, including environmental laws and obtaining requisite
permits; political, economic and other risks; as well as other risks
and uncertainties which are more fully described in our annual and
quarterly Management's Discussion and Analysis and in other filings
made by us with Canadian securities regulatory authorities and
available at www.sedar.com. Pacific Potash disclaims any obligation to
update or revise any forward-looking information or statements except
as may be required.
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