IC Potash Announces Board of Directors Structure
IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“ICP” or the “Company”) announces details regarding the Board of Directors (“Board”) of the Company and its wholly-owned subsidiary, Intercontinental Potash Corp. (USA) (“ICPUSA”).
The ICP Board consists of the following well respected and highly qualified directors:
- Dr. George Poling, Chairman (independent)
- Ernest Angelo, Jr. (independent)
- Kay Randall Foote
- Anthony J. Grey (independent)
- Sidney Himmel
- Knute H. Lee, Jr. (independent)
- Hon. Pierre S. Pettigrew, P.C. (independent)
- Jorgen Stenvold
The ICPUSA Board consists of the following well respected and highly qualified directors:
- Kay Randall Foote, Chairman
- Knute H. Lee, Jr., Deputy Chairman (independent)
- Ernest Angelo, Jr. (independent)
- Anthony J. Grey (independent)
- Sidney Himmel
- Dr. George Poling (independent)
- Dr. Peter Yu
Mr. Sidney Himmel, President and Chief Executive Officer of ICP and ICPUSA, stated: “We are extremely fortunate to have this caliber of world-class directors working to support the development of the Ochoa project.”
Jorgen Stenvold is the director appointed to represent Yara International ASA, which currently owns 17.4% of the outstanding common shares of ICP and which has signed an off-take agreement for the purchase of 30% of all products produced by ICP’s Ochoa project at market price for a period of 15 years.
Dr. Peter Yu is the director appointed to represent Cartesian Capital Group, LLC (“Cartesian”), which made a strategic investment of US$10,000,000 in ICPUSA in November 2014. Cartesian acquired 500,000 Class A preferred shares of ICPUSA, which can be converted into 7.8% of the common shares of ICPUSA outstanding on maturity in November 2016.
The Company further announces that Dr. Ross Bhappu, who joined the Board of ICP on October 30, 2014, has resigned effective February 23, 2015. The Board of ICP thanks him for his contributions as a director.
About IC Potash Corp.
ICP has demonstrated a low-cost method to produce sulfate of potash (“SOP”) from its 100%-owned Ochoa polyhalite deposit in southeast New Mexico and seeks to become a primary, long-term producer of SOP. SOP is a non-chloride potash fertilizer widely used in the horticultural industry and for high value crops, such as fruits, vegetables, tobacco and potatoes. It is applicable for soils where there are substantial agricultural activity, high soil salinity, and in arid regions. The Ochoa Project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. ICP’s land holdings consist of approximately 102,000 acres of federal preference right potassium leases, federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
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 and other factors which may cause the actual results, performance or achievements of ICP to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, reserve estimates, ICP’s expected position as one of the lowest cost producers of SOP in the world, the timing of receipt and publication of ICP’s environmental permits, the sufficiency of ICP’s cash balances, the timing of production, and other statements that are not historical facts. 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, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. 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.
Contact
IC Potash Corp.
Mr. Sidney Himmel, 720-633-9005
President and Chief Executive Officer