Encanto announces closing of $3.65 million prospectus offering
April 15, 2014 (Source: CNW) — Not For Dissemination in the United States or For Distribution to U.S. Newswire Services.
Encanto Potash Corp. (“Encanto” or the “Corporation“) (TSXV: EPO) (OTCQX: ENCTF) is pleased to announce that further to its news release of March 12, 2014 it has closed its short form prospectus offering and has raised gross proceeds of $3,650,901 through the issuance of units (“Units“) and flow-through units (“Flow-Through Units“).
Encanto raised $2,650,912 from the sale of 15,593,600 Units at a price of $0.17 per Unit, with each such Unit consisting of one common share and one half of one share purchase warrant, each whole warrant entitling the holder to purchase one non flow-through common share at a price of $0.30 per share on or before October 15, 2015.
Encanto raised $999,989 from the sale of 5,263,100 Flow-Through Units at a price of $0.19 per Flow-Through Unit, with each such Flow-Through Unit consisting of one flow through common share (“FT Share“) and one half of one share purchase warrant, each whole warrant entitling the holder to purchase one non flow-through common share at a price of $0.30 per share on or before October 15, 2015. The FT Shares will be “flow-through” shares pursuant to the Income Tax Act.
Secutor Capital Management Corporation acted as lead agent in connection with the offering and Haywood Securities Inc. acted as agent.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: “James Walchuck”
President and CEO
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.
The Foregoing Information May Contain Forward-Looking Information 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, The Actual Results Of Exploration Activities, Changes In World Commodity Markets Or Equity Markets, The Risks Of The Mining Industry Including, Without Limitation, Those Associated With The Environment, Delays In Obtaining Governmental Approvals, Permits Or Financing Or In The Completion Of Development Or Construction Activities, Title Disputes, Change In Government And Changes To Regulations Affecting The Mining Industry, 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.
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