TSX: WPX FSE: AHE
VANCOUVER, Aug. 25, 2015 /CNW/ - Western Potash Corp. ("Western" or the "Company") (TSX: WPX) (FSE:AHE) is pleased to announce that the Company received, at the special general meeting of its shareholders held on August 24, 2015 (the "Meeting"), shareholder approval for a transaction pursuant to which Beijing Tairui Innovation Capital Management Ltd. (the "Investor") will purchase 238,264,635 common shares at a price of $0.3358 per share for an aggregate purchase price of $80,000,000 (the "Tairui Investment"). The Tairui Investment will result in the Investor holding a 51% ownership stake in the Company on a non-diluted basis on closing. The shareholders also approved the issuance of 2,144,865 common shares to CBC (Canada) Holding Corp. also at $0.3358 per share, pursuant to the due exercise of its pre-emptive right with the Company for an aggregate purchase price of $720,245.67 (collectively with the Tairui Investment, the "Transactions"), which will result in CBCHC holding a 10.1% ownership stake in the Company on a non-diluted basis on closing. Approximately 40% of the eligible shares of the Company were voted at the Meeting, with 70.9% of the shares being voted in favour of the Transactions. The Transactions are described in the management information circular of the Company dated July 24, 2015.
Closing of the Transactions is expected to occur on or about September 16, 2015, following final clearance by the Toronto Stock Exchange of certain necessary personal information forms relating to the Investor.
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., please visit the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"J. Patricio Varas"
J. Patricio Varas
President and CEO
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 expected closing date of the Transactions. 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: For more information on the contents of this release please contact David Thornley-Hall, Executive Vice-President, Corporate, at Western. 1400-1111 West Georgia Street, Vancouver, BC, V6E 4M3, Tel: 604 689-9378, Fax: 604 689-8199