Potash One Announces Closing of Equity Financing
08 1월 2008 - 1:17AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KCL) is pleased to
announce that it has completed a non-brokered equity private
placement of 4.15 million units at a price of $2.65 per unit for
net proceeds of $10,997,500 (the "Placement"), as previously
reported in its news release on December 19, 2007. A total of
206,250 units, representing 5% of certain subscriptions were issued
to certain finders for introducing the subscribers to the
Company.
The proceeds from the Placement will be used to expedite the
development of the Company's Legacy Potash Project in Saskatchewan
and for general corporate purposes.
Paul F. Matysek., President and Chief Executive Officer of
Potash One Inc., said: "We are very pleased with the overwhelming
level of interest that was expressed in the Placement. We can now
accelerate our development plans as we move into 2008."
The Company appreciates the strong commitment provided by Front
Street Capital & Ceres Global Ag Corp. (TSX: CRP.UN) and
welcomes them as shareholders.
The securities described herein have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States unless registered under the Act or
unless an exemption from registration is available.
The Company controls over 97,000 acres of previously explored
potash-bearing property which is directly adjacent to a large
producing potash mine to the south of the Company's property.
Potash One's Legacy project in Saskatchewan was previously
explored by Imperial Oil Ltd. (now Exxon) and Lumsden Potash
Corporation.
Potash One Inc. is a Canadian potash company engaged in the
identification, acquisition, exploration and development of
advanced resource properties. The Company has a solid balance sheet
and experienced technical and corporate management to advance its
current project to the next level. The primary interests of the
Company include an option to acquire 100% interest in a 97,240 acre
Potash Subsurface Exploration permit in Saskatchewan, Canada.
Forward Looking Statement
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address further production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions such statements are
not guarantees of further performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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Contacts: Potash One Inc. Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer (604) 331-4431 (604) 608-4979
(FAX) Email: info@potash1.com
Potash One (TSXV:KCL)
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