IC Potash Corp. Announces C$20,000,000 Bought Deal Financing

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


IC Potash Corp. (TSX VENTURE:ICP) (the "Company") announced today that it has
entered into an agreement with Stifel Nicolaus Canada Inc. (the "Underwriter")
pursuant to which the Underwriter has agreed to purchase 12,500,000 common
shares (the "Common Shares") of the Company, on a bought-deal basis, at a price
of C$1.60 per Common Share, for aggregate gross proceeds of C$20,000,000 (the
"Offering"). 


The Company has also granted to the Underwriter an over-allotment option to
purchase up to an additional 1,875,000 Common Shares, at a price of C$1.60 per
Common Share, exercisable by the Underwriter in whole or in part at any time
prior to the date that is 30 days following the closing date of the Offering. If
this option is exercised in full, the gross proceeds of the Offering will be
C$23,000,000.


The Common Shares will be offered to the public by way of a short form
prospectus to be filed in all provinces of Canada, other than Quebec, and
outside of Canada on a private placement basis. 


IC Potash Corp. intends to use the net proceeds of the Offering for the
preparation of a pre-feasibility study in respect of its Ochoa property, pilot
project design and working capital. 


The Offering is expected to close on or about March 17, 2011 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
stock exchange and regulatory approvals, including the approval of the TSX
Venture Exchange.


The securities being offered have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of securities
in the United States.


About IC Potash Corp. 

IC Potash intends to become a primary producer of Sulphate of Potash ("SOP") by
mining its 100%-owned Polyhalite Ochoa property in New Mexico. SOP is a
non-chloride based potash fertilizer that sells at a substantial premium over
the price of Muriate of Potash ("MOP"), the most widely used fertilizer in the
world. Typically SOP sells at a premium of 50% to MOP. ICP is focused on being
the lowest cost producer of SOP in the world. The SOP market is six million
tonnes per year and is a significant fertilizer in the fruit, vegetable,
tobacco, potato, and horticultural industries, and for agriculture in saline and
dry soils. SOP is also applicable in soils where there is substantial
agriculture activity with varieties of crops. ICP's Ochoa property consists of
over 100,000 acres of federal subsurface potassium prospecting permits and State
of New Mexico Potassium mining leases. 


Cautionary Note Regarding Forward-Looking Statements 

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 ICP, including, but
not limited to, risks associated with mineral exploration and mining activities,
the impact of general economic conditions, industry conditions, dependence upon
regulatory approvals, 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.

IC Potash Corp. (TSXV:ICP)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024