TORONTO , Oct. 28 /CNW/ - Trigon Uranium Corp. ("Trigon") (TSXV: TEL) announced today that it has received shareholder approval of all matters voted on at its special meeting of shareholders held on October 26, 2009 (the "Meeting"). The following items as described in the management information circular of Trigon dated September 28, 2009 (the "Circular") were approved by shareholders:
1. Election of Directors: Mr. Sidney Himmel, Dr. George Poling, The Honourable Pierre Pettigrew P.C, Mr. Anthony Grey, Mr. Ernest Angelo, Mr. John Greenslade, Mr. Knute Lee; 2. Consolidation of all of the outstanding common shares of Trigon on the basis of one (1) "new" common share for every four (4) "old" common shares outstanding (the "Consolidation"), and the change of name of Trigon from "Trigon Uranium Corp." to "Intercontinental Potash Corp." or such other name as may be acceptable to Industry Canada and the TSX Venture Exchange (the "Name Change"); and 3. Acquisition by Trigon of up to 100% of the issued and outstanding shares of Intercontinental Potash Corp. ("ICP") which it does not otherwise own, all on the terms and subject to the conditions contained in a Support Agreement dated as of September 25, 2009 among Trigon and ICP, and the issuance of securities of Trigon in consideration thereof (the "RTO").
99.5% of the proxies received and all of the shareholders present at the Meeting voted in favour of the transaction.
Sidney Himmel , President and CEO of Trigon Uranium Corp. and Intercontinental Potash Corp. stated "We are pleased that the Trigon shareholders support the acquisition of ICP. We believe the new company is positioned to develop polyhalite as the feedstock for very low cost production of the premium potash fertilizer, potassium sulphate, also known as "SOP". SOP is a value-added non-chloride potassium fertilizer which sells at a higher price than standard potash, sylvite. We believe that polyhalite can be developed as a cost-effective multinutrient and slow release potash fertilizer."
Further details of each of the RTO, Consolidation and Name Change are set forth in the Circular and in the joint press release of Trigon and ICP dated as of September 30, 2009 , each of which is available on SEDAR at www.sedar.com. Each of the RTO, Consolidation and Name Change remain subject to the receipt of the final approval of the TSX Venture Exchange. The RTO is also subject to a minimum number of ICP shares being tendered to the offer to purchase.
About Intercontinental Potash Corp
ICP is developing its potash properties with specific focus on Polyhalite as a slow-release multi-nutrient fertilizer and as a potassium sulphate potash fertilizer from its 100%-owned Ochoa project in Lea County, New Mexico . Polyhalite is comparable to other multi-nutrient potassium fertilizers such as langbeinite in which towards two million tons are sold per year. Polyhalite has the advantage of being a cost effective, chloride-free new fertilizer. The Company's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. All reclamation plans, environmental plans, and archeological work have been approved by BLM.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Trigon and ICP, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Completion of the RTO, the Consolidation, the Name Change, the Financing and related matters are subject to a number of conditions and the receipt of all applicable regulatory approvals, including the final approval of the TSX Venture Exchange. The RTO cannot close until all required regulatory approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the proposed transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Trigon should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Renseignements: For further information: please visit www.trigonuraniumcorp.com or www.intercontinentalpotash.com or contact: Intercontinental Potash Corp, Sidney Himmel, President and Chief Executive Officer, (416) 624-3781, email@example.com; or Investor Relations, Joanna Longo, Vice President, The Equicom Group, (416) 815-0700 ext. 233, firstname.lastname@example.org