Western Potash Corp. Closes $9.6 Million Private Placement
Western Potash Corp. (WPX: TSX) (FSE: AHE) ('the Company?)
is pleased to announce that it has closed its previously announced
private placement. The Company sold 20,000,000 units (the 'Units?) at a
price of $0.48 per Unit for aggregate gross proceeds to the Company of
$9,600,000.
Each Unit consists of one common share in the capital of the Company and
one common share purchase warrant (a 'Warrant?). Each warrant is
exercisable at a price of $0.58 entitling the holder to purchase one
common share of the Company at any time up to and including the close of
business on October 24, 2015.
The shares and warrants issued as a result of this private placement are
subject to a four-month hold period with the period expiring the 25th
of February 2013.
The Company paid a 6% cash finder′s fee on a portion of the private
placement in a total amount of $458,714.
As previously announced, the size of the placement was reduced to comply
with the TSE policy limiting a private placement to less than 25% of a
company′s current issued and outstanding share capital, unless prior
shareholder approval is obtained.
Proceeds from the private placement are more than sufficient to fully
support the completion the Milestone Feasibility Study in addition to
Environmental Assessment approval expected in the first quarter of 2013.
For more information on Western Potash Corp.′s projects, please visit
the Company′s website at: www.westernpotash.com
ON BEHALF OF THE BOARD OF DIRECTORS
'J. Patricio Varas?
J. Patricio Varas
President and CEO
Forward-Looking Statement
Except for statements of historical fact relating to Western Potash,
certain information contained herein constitutes 'forward-looking
information? under Canadian securities legislation.Forward-looking
information includes, but is not limited to, statements with respect to
timelines for completion of various steps related to the foregoing; and
the ability of Western Potash to develop the Milestone Project.Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as 'intends? or 'anticipates?, or
variations of such words and phrases or statements that certain actions,
events or results 'may?, 'could?, 'should?, 'would? or 'occur?.Forward-looking
statements are based on the opinions and estimates of management as of
the date such statements are made and they are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Western
Potash to be materially different from those expressed or implied by
such forward-looking statements or forward-looking information,
including: the receipt of all necessary approvals; the ability to
conclude a transaction; uncertainty of future production, capital
expenditures and other costs; financing and additional capital
requirements; the receipt in a timely fashion of any further permitting
for the Milestone Project; legislative, political, social or economic
developments in the jurisdictions in which Western Potash carries on
business; operating or technical difficulties in connection with mining
or development activities; and the risks normally involved in the
exploration, development and mining business.Although management
of Western Potash has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there may be
other factors that cause results not to be as anticipated, estimated or
intended.There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements.Accordingly,
readers should not place undue reliance on forward-looking statements
and forward-looking information.Western Potash does not
undertake to update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except in
accordance with applicable securities laws.
Western Potash Corp.
John Costigan, 604-689-9378
VP
Corporate Development