An anonymous director reports
IC POTASH ANNOUNCES FINANCING
IC Potash Corp. has launched a non-brokered offering of 20 million units of the company at a price of 25 cents per unit for aggregate gross proceeds of $5-million.
Each unit will consist of (i) one common share of the company; and (ii) one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of 35 cents for a period of 18 months from the date of issuance thereof, provided that if, at any time after the date which is four months and one day following the closing date (as defined below), the volume weighted average price of the common shares on the Toronto Stock Exchange (TSX) is equal to or exceeds 50 cents for 20 consecutive trading days, the company may accelerate the expiry date of the warrants, in which event the warrants will expire upon the date which is 30 days following the dissemination of a press release by the company announcing the accelerated expiry date.
ICP intends to use the net proceeds for working capital purposes. The offering is expected to close on or about Dec. 18, 2013, and is subject to customary closing conditions, including the approval of the TSX. Securities issued under the offering will be subject to a hold period, which will expire four months and one day from the closing date.
The company may pay a cash fee equal to 8 per cent of the amount raised by eligible finders in connection with the offering, and may issue to such finders broker warrants equal to 8 per cent of the aggregate number of units sold by such finders. Each broker warrant, if issued, will entitle the holder to acquire one common share for a period of 12 months at an exercise price equal to 26 cents.
We seel Safe Harbor.
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