Organic Potash Corporation Announces $1,000,000 CDN Private Placement Financing
June 10, 2013 — TORONTO, ONTARIO (Source: Marketwired) — Organic Potash Corporation (CNSX:OPC) (“OPC” or the “Corporation”) announced today that the Corporation will undertake a non-brokered private placement to raise gross proceeds of up to 10,000,000 common shares of the Corporation at a price of $0.10 per share for total proceeds of up to one million dollars (“$1,000,000”) CDN.
Each unit will consist of one common share (“Share”) and one-half of one common share purchase warrant (“Warrant”). Each full Warrant entitles the holder to subscribe for one Share of OPC for $0.30 per Share for a period of 18 months following the closing date. If during the term of the Warrants the closing price per Share on the CNSX or any stock exchange is not less than $0.45 for 10 consecutive trading days, Warrant holders will have 15 days to exercise their Warrants, after which the Warrants will expire.
It is anticipated that the offering will close on or before June 20th, 2013.
All proceeds from the offering will be used to expand & improve current commercial production capacity at OPC’s Tema Production Plant, working capital for inventory and production purposes, and for general corporate purposes.
About Organic Potash Corporation
Through its proprietary patented technology, Organic Potash Corporation produces 99%+ pure potassium carbonate (potash) from the ash of agricultural waste, in particular, cocoa husks. The purity of the company’s potassium carbonate will allow Organic Potash Corporation to target multiple industries including the Agricultural and Pharmaceutical industry. Organic Potash Corporation is headquartered in Toronto, Ontario and its shares trade on the Canadian National Stock Exchange under the trading symbol “OPC”. For further information, please visit the company website at www.organicpotash.com.
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Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>