VANCOUVER, May 16, 2018 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company") (TSXV: EPO)
announces that it intends to effect a consolidation of
its common shares on the basis of one (1)
new common share for every ten (10)
common shares outstanding effective
as of May 18, 2018.
Encanto currently has 440,817,039 common
shares outstanding and, following the
share consolidation on a ten (10) to
one (1) basis, will have
approximately 44,081,704 common shares
outstanding. No fractional common
shares will be issued and no cash
will be paid in lieu of fractional
post-consolidation common shares but the
number of common shares to be
received by a shareholder will
be rounded down to the nearest whole
common share in the event that such
shareholder would otherwise be entitled to
receive a fractional common share.
A letter of transmittal will be
sent by mail to shareholders
advising that the share consolidation
has taken effect and instructing
shareholders to surrender the
certificates evidencing their common shares
for replacement certificates representing
the number of common shares to which
they are entitled as a result
of the consolidation. Until
surrendered, each certificate will
be deemed for all purposes to
represent the number of common
shares to which the holder
thereof is entitled as a result
of the consolidation.
About Encanto Potash Corp.
Encanto Potash Corp. is a TSX Venture Exchange listed and traded
Canadian Resource Company engaged in the development of potash
properties in the Province of Saskatchewan, Canada, the largest producing
potash region in the world. Through a joint venture agreement with
Muskowekwan Resources Ltd, Encanto has secured a project land
package which totals approximately 61,000 largely contiguous acres.
Pre-Feasibility Study dated February 28,
2013 titled "Encanto Potash Corp. Technical Report
Summarizing the Preliminary Feasibility Study for the Muskowekwan
First Nations Home Reserve Project in South Eastern Saskatchewan,
Canada" confirms the Proven and Probable KCI Reserves totaling 162
Mt grading 28% KCl (average) which supports primary and secondary
mining for over 50 years at an assumed annual rate extraction rate
of 2.8 Mt of MOP. The PEA dated May 24,
2017 titled " NI 43-101 Technical Report on a Preliminary
Economic Assessment and Preliminary Feasibility Study of the
Muskowekwan Potash Project, South-Eastern Saskatchewan, Canada"
summarizes an alternative development option that supports primary
and secondary mining of the Mineral Resources for 48 years at an
annual extraction rate of 3.4 Mt of MOP. On December 30, 2016, Encanto signed a 20-year
off-take agreement with the National Federation of Farmers'
Procurement, Processing, and Retailing Cooperatives of India Ltd.,
(NACOF) registered under the Ministry of Agriculture, Government of
India to supply 5 million metric
tons a year of potash.
NEITHER 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN INFORMATION SET FORTH IN THIS NEWS RELEASE MAY CONTAIN
FORWARD-LOOKING STATEMENTS RELATING TO THE FUTURE PERFORMANCE OF
THE COMPANY. FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN
OUR FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS
INCLUDE, AMONG OTHERS, RISKS ASSOCIATED WITH MINERAL EXPLORATION
AND MINING ACTIVITIES, THE IMPACT OF GENERAL ECONOMIC CONDITIONS,
INDUSTRY CONDITIONS, DEPENDENCE UPON REGULATORY APPROVALS, THE
UNCERTAINTY OF OBTAINING ADDITIONAL FINANCING, AND OTHER RISKS AND
UNCERTAINTIES DETAILED FROM TIME TO TIME IN THE COMPANY'S FILINGS
WITH THE CANADIAN SECURITIES ADMINISTRATORS (AVAILABLE AT
WWW.SEDAR.COM). FORWARD-LOOKING STATEMENTS ARE MADE BASED ON
VARIOUS ASSUMPTIONS AND ON MANAGEMENT'S BELIEFS, ESTIMATES AND
OPINIONS ON THE DATE THE STATEMENTS ARE MADE. SHOULD ONE OR MORE OF
THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING
ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY
FROM THOSE DESCRIBED IN THE FORWARD-LOOKING INFORMATION CONTAINED
HEREIN. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES
AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS
REQUIRED BY APPLICABLE LAW.
SOURCE Encanto Potash Corp.
