TORONTO, Nov. 3, 2017 /CNW/ - Potash Ridge Corporation (the "Company") (TSX:PRK) today announced it has closed a second tranche of $0.7 million of the $2.3 million non-brokered private placement announced on October 16th, 2017. This funding follows the $1.4 million closed on October 27, 2017. The remainder of the private placement is expected to close on or before November 13, 2017 subject to receipt of all applicable regulatory approvals.
Each Unit is priced at $0.10 and is comprised of one common share in the capital of Potash Ridge (a "Common Share") and one-half of one Common Share purchase warrant. Each whole warrant entitles the holder to purchase one Common Share at an exercise price of $0.20 for a period of three years from the date of issuance.
In accordance with applicable securities legislation, all securities issued in the Private Placement are subject to a statutory hold period of four months and one day. Finder's fees of 6% cash are payable.
The proceeds from the private placement will be used to advance the Company's 100% owned Blawn Mountain potash project in Utah and for general corporate purposes.
On behalf of the Board of Directors
POTASH RIDGE CORPORATION
"R. Bruce Duncan"
R. Bruce Duncan
Executive Chairman and Director
About Potash Ridge
Potash Ridge's strategy is to become a premier producer of sulphate of potash or SOP in North America. The Corporation owns two SOP projects: the Valleyfield project that plans to produce SOP through the Mannheim Process; and the Blawn Mountain project in Utah that plans to produce SOP by processing an alunite material. Potash Ridge has a highly qualified and proven management team in place with significant financial, project management and operational experience and the ability to take projects into production.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE Potash Ridge Corporation
For further information: Andrew Squires, CEO, President and Chief Operating Officer, Office: 416-362-8640, [email protected]