Offering's proceeds will fund Milestone Potash Development Project
By Devika Patel
Knoxville, Tenn., Dec. 21 - Western Potash Corp. said it has negotiated a private placement of units. The deal priced for C$40 million with a 15% greenshoe on Nov. 29 and raised C$20 million.
The company sold 18,182,000 units of one common share and a half-share warrant at C$1.10 per unit.
Each warrant is exercisable at C$1.75 for 30 months. The strike price reflects a 44.63% premium to the Nov. 26 closing share price of C$1.21.
The deal was conducted by co-lead underwriters Mackie Research Capital Corp. and Scotia Capital Markets Inc.
Proceeds will be used to advance the company's Milestone Potash Development Project in Saskatchewan and for general working capital.
Based in Vancouver, B.C., Western Potash is a mineral exploration company with properties in Southwest Manitoba and Southern Saskatchewan.
| Issuer: | Western Potash Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$20,000,200
|
| Units: | 18,182,000
|
| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | C$1.75
|
| Agent: | Mackie Research Capital Corp. and Scotia Capital Markets Inc. (co-leads)
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 21
|
| Stock symbol: | TSX Venture: WPX
|
| Stock price: | C$1.21 at close Nov. 26
|
| Market capitalization: | C$102.19 million
|
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