Offering proceeds fund new potassium carbonate manufacturing facility
By Devika Patel
Knoxville, Tenn., July 21 – Organic Potash Corp. said it will raise $2.1 million in a private placement of convertible debentures.
The 5% debenture matures in five years. It converts to common stock at $0.06 per share.
Proceeds will be used to complete the company’s new potassium carbonate manufacturing facility in Tema, Ghana.
The potash manufacturer is based in Brampton, Ont.
| Issuer: | Organic Potash Corp.
|
| Issue: | Convertible debenture
|
| Amount: | $2.1 million
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Pricing date: | July 21
|
| Stock symbol: | CNSX: OP
|
| Stock price: | C$0.05 at close July 21
|
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