TORONTO, Nov. 20, 2017 /CNW/ - Potash Ridge Corporation (the "Company") (TSX:PRK) announces that it has signed a non-binding Letter of Intent ("LOI") with Canada Coal Inc. ("TSX-V:CCK") to potentially purchase, joint venture or otherwise complete such other form of transaction that may be mutually acceptable to the parties for the assets of Valleyfield Fertilizer Corporation.
The LOI contains no proposed terms or compensation for any potential transaction between the two parties. The LOI provides for a 90-day period of exclusivity, which will allow both parties to exchange information and maintain confidentiality as each party seeks to determine whether mutually beneficial business opportunities may exist. The Company will update the market if and when the relationship with PRK advances to anything more material, or if the LOI terminates (whether by mutual agreement or upon the expiry of the 90-day term). Should any specific transaction be agreed to among the parties, the issuer may be subject to additional requirements pursuant to regulatory policies.
On behalf of the Board of Directors
POTASH RIDGE CORPORATION
President & CEO
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]