The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Western Potash Corp. – Completes Private Placement Filing

Friday, October 19, 2012

Western Potash Corp. – Completes Private Placement Filing16:29 EDT Friday, October 19, 2012 VANCOUVER, British Columbia (Business Wire) -- Western Potash Corp. (WPX: TSX) (FSE: AHE) (“the Company”) announces that it has completed its filing with the Toronto Stock Exchange for Conditional Approval of the private placement announced on October 1, 2012. The placement will be reduced from up to 31,250,000 units to a placement of up to 20,000,000 units. This reduction was carried out to comply with the Toronto Stock Exchange policy which limits unit private placements to less than 25% of a company's current issued and outstanding share capital, unless that company had obtained prior shareholder approval for the placement. All other terms and conditions remain the same. The proceeds of the offering will be sufficient for the company to finalize the Feasibility Study, to deliver the environmental approvals, to complete all necessary permitting, as well as for general working capital purposes. Feasibility Study Update The Milestone Feasibility Study continues to progress on schedule and within the allocated budget. The Study is being completed by AMEC Americas Limited (“AMEC”). AMEC is a leading international engineering and project management company that currently manages multiple potash expansion projects in Saskatchewan with a capital value of several billion dollars. The Study is now more than 90% complete. Final drafting and reviewing of the document is proceeding. The funds raised as part of this current financing more than adequately support the completion of the Study. The Company anticipates a final review of the draft Study on or about November 15, 2012. The target completion date of the Study is set for late November 2012. Results from the Study will be announced immediately thereafter. The Company also intends to deliver an updated Resource and Reserve statement, currently being prepared by Agapito Associates Inc., coincident with this announcement. For more information on Western Potash Corp.'s projects, please visit the Company's website at: www.westernpotash.com ON BEHALF OF THE BOARD OF DIRECTORS “J. Patricio Varas” J. Patricio Varas President and CEO Forward-Looking StatementExcept for statements of historical fact relating to Western Potash, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation.Forward-looking information includes, but is not limited to, statements with respect to timelines for completion of various steps related to the foregoing; and the ability of Western Potash to develop the Milestone Project.Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”.Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Western Potash to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary approvals; the ability to conclude a transaction; uncertainty of future production, capital expenditures and other costs; financing and additional capital requirements; the receipt in a timely fashion of any further permitting for the Milestone Project; legislative, political, social or economic developments in the jurisdictions in which Western Potash carries on business; operating or technical difficulties in connection with mining or development activities; and the risks normally involved in the exploration, development and mining business.Although management of Western Potash has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information.Western Potash does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.Western Potash Corp.John Costigan, 604-689-9378VP Corporate Development