Press release from Business Wire
Insider Shareholdings of Western Potash Corp. in Discovery Harbour Resources Corp. (the “Company”)
Monday, April 08, 2013
Insider Shareholdings of Western Potash Corp. in Discovery Harbour Resources Corp. (the “Company”)19:14 EDT Monday, April 08, 2013
VANCOUVER, British Columbia (Business Wire) -- In accordance with the requirements of section 5.2 of MI 62-104 and section 3.1 of NI 62-103, Western Potash Corp. announces that, through conversion of a debenture with the Company, Western received 4,238,095 common shares of the Company. Western also acquired 2,166,667 shares of the Company and 1,083,333 warrants of the Company in a private placement. Both the debenture conversion and the private placement (together the “Transaction”) completed on the Listing of the Company on the TSX Venture Exchange on April 3, 2013. Western now, combined with its prior shares, owns directly a total of 9,895,674 shares of the Company representing approximately 30.65% of the outstanding issued share capital of the Company (plus 1,083,333 warrants with an exercise price of $0.45 expiring March 28, 2015). On a partially diluted basis the shares and warrants of Western would, upon exercise of the warrants, together represent approximately 32.9% of the then outstanding issued share capital in the Company. Western does not control, directly or indirectly, any additional shares or securities of the Company.
The purpose of the Transaction was to, in part, assist with the listing and development of the Company so as to seek to increase the liquidity and market value of Western's shareholdings and debenture (after conversion) in the Company. Western anticipates that the Transaction will assist it in helping to meet its corporate mandate by increasing shareholder value in the long term. The shares owned and acquired by Western were all acquired privately by way of a debenture conversion and a private placement with the Company and not on any stock exchange or other marketplace. The consideration for each private placement unit was $0.30 per Unit, while the shares initially received on conversion of the debenture were converted under the terms of the previously existing debenture at $0.35 per share. As of the date hereof, Western does not intend to increase its ownership of, or control or direction over, any of the securities of the Company. Further details on the Listing of the Company are set out in its news release dated April 2, 2013. The Company is listed on the TSX Venture Exchange under the symbol “DHR”. A copy of the underlying report as filed with the regulatory authorities may be obtained from the Company at 1818-701 West Georgia St, Vancouver, B.C., V7Y 1C6.
For more information on Western Potash Corp.'s projects, please visit its website at: www.westernpotash.com
ON BEHALF OF THE BOARD OF DIRECTORS
“J. Patricio Varas”
J. Patricio Varas
President and CEO
Western Potash Corp.
John Costigan, 604-689-9378
VP Corporate Development