Shares sold for 50% premium to Wednesday’s closing share price
By Angela McDaniels
Tacoma, Wash., Aug. 27 – Encanto Potash Corp. sold C$1 million of common shares to Hamad M. Al-Wazzan, a director of the company, in a private placement.
The 8,333,333 common shares were sold for C$0.12 each, a 50% premium to the closing share price on Aug. 26.
Al-Wazzan will also be assigned a 15% interest in the potash rights of Encanto on the Ochapowace Reserve Lands. Encanto holds a 20% interest in the potash rights to those lands under an exploration participation agreement with the Ochapowace First Nation, of which Encanto will retain 5%.
Proceeds will be used for general working capital, according to a company news release.
Encanto Potash develops potash properties and is based in Vancouver, B.C.
| Issuer: | Encanto Potash Corp.
|
| Issue: | Common shares
|
| Amount: | C$1 million
|
| Shares: | 8,333,333
|
| Price: | C$0.12
|
| Warrants: | No
|
| Investor: | Hamad M. Al-Wazzan
|
| Pricing date: | Aug. 27
|
| Stock symbol: | TSX Venture: EPO
|
| Stock price: | C$0.08 at close Aug. 26
|
| Market capitalization: | C$26.57 million
|
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