VANCOUVER, June 25, 2013 /CNW/ - CBC (Canada) Holding Corp. ("CBCHC") reports that it has acquired 45,040,876 common shares (the "Shares") in the capital of Western Potash Corp. ("Western") pursuant to a private placement subscription agreement dated June 1, 2013, as amended on June 20, 2013 (the "Subscription Agreement"), as described in the press releases of Western dated June 2, 2013 and June 20, 2013 and as filed on www.sedar.com. The Shares acquired by CBCHC pursuant to the Subscription Agreement represent approximately 19.9% of the 226,336,059 issued and outstanding common shares of Western. Pursuant to the Subscription Agreement, the purchase price for each Share was $0.71 for aggregate gross proceeds to Western of approximately $32 million.
CBCHC acquired the Shares as an investment to provide funds to Western to continue its development of its Milestone Project. Subject to compliance with applicable securities laws in respect of the resale of the Shares and insider bids, and certain standstill restrictions and restrictions on transfer of the Shares contained within the Subscription Agreement, CBCHC may, in the future, purchase, sell or acquire securities of Western on the open market or in private transactions, depending on market conditions and other factors material to its investment decisions.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report").
SOURCE: CBC (Canada) Holding Corp.
For further information:
For further information and to obtain a copy of the Early Warning Report filed in connection with the Subscription Agreement, please contact:
Mr. Zhou Yuying
c/o CBC (Canada) Holding Corp.
Kaikang CNOOC Plaza
Building No. 15
Sanqu, Anzhenxili, Chaoyang District
Telephone: +(86) 10 8452 7343