Potash One Announces Equity Financing
25 Fevereiro 2008 - 7:32PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (FRANKFURT: I5X) (the "Company" or
"Potash One") is pleased to announce a non-brokered equity private
placement of up to 3.5 million units at a price of $4.00 per unit
for gross proceeds of $14,000,000. Each unit shall consist of one
common share and one-half common share purchase warrant. Each whole
warrant shall be exercisable for one common share at a price of
$4.75 per share for a period of 15 months following closing. In the
event that the common shares close at $6.00 or greater for 10
trading days, subsequent to the expiry of the 4 month hold period,
the expiry date may be accelerated by the Company to a period of 30
days (the "Placement"). Potash One shall pay a finder's fee of 5.0%
of the gross proceeds of the Placement in units or cash.
The proceeds of the Placement will be used to expedite
development of Potash One's previously explored Legacy potash
project in Saskatchewan, a reserve for acquisitions and for general
corporate purposes. The Placement is subject to certain conditions
including, but not limited to the receipt of all necessary
regulatory approvals.
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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive
Officer
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.
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
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