TSX: WPX FSE: AHE
VANCOUVER, Oct. 30, 2015 /CNW/ - Western Potash Corp. (the "Company") (TSX: WPX, FSE: AHE) wishes to announce that it has today received approval from the Toronto Stock Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 13.65 million of the Company's issued and outstanding Common Shares (being approximately 2.9% of the 467,185,559 Common Shares outstanding at October 29, 2015). The Bid will commence on November 4, 2015 and will terminate on the earlier of November 3, 2016, or the date on which the Company has acquired all of the shares sought pursuant to the bid.
Daily purchases will not exceed 53,754 common shares per day. Purchases will be made in accordance with Exchange requirements, on the open market through the facilities of the Exchange or alternative trading systems in Canada. Canaccord Genuity Corp. will conduct the Bid on behalf of the Company. The price which the Company will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase. The Company will make its determination regarding the potential cancellation of the shares acquired under the Bid prior to the conclusion of the Bid. The Board of Directors of the Company believe that the current and recent market prices of the Company's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to the Company's shareholders who would like to dispose of their shares. The Company has not purchased any common shares of the Company in the last 12 months. To the knowledge of the Company, no director, senior officer or other insider of Company currently intends to sell any common shares under this Bid. However, sales by such persons through the facilities of Exchange may occur if the personal or corporate circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The Board has reserved the right to stop the Bid in the event market conditions justify it.
About Western Potash Corp.
Western Potash Corp. is a development company engaged in the evaluation, exploration and development of potash mineral properties in Western Canada. The Company intends to develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner.
For more information on Western Potash Corp.'s project, please visit the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Senior VP, Corporate Development & Director
Cautions Regarding Forward-Looking Statements
Except for statements of historical fact relating to the Company, 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 the filing and results of the Technical Report. 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 of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
SOURCE Western Potash Corp.
For further information: Angela Aydon, Corporate Communications Manager at 778-668-9249