Mr. Dodi Handy reports
IC POTASH ANNOUNCES CLOSING OF PREVIOUSLY PRESS-RELEASED $5,000,000 FINANCING
IC Potash Corp. has closed its previously
announced non-brokered offering of 20 million units of the company at a price of 25 cents per unit for aggregate gross proceeds of
Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles 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 date hereof, the volume-weighted average price of the common shares on the Toronto Stock
Exchange 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 securities issued under the offering are subject to a hold period,
which will expire on April 19, 2014.
The company paid a cash fee equal to 8 per cent of the amount raised by eligible
finders in connection with certain subscribers under the offering and
issued 1,336,000 finder warrants to such finders. Each finder warrant
entitles the holder to acquire one common share for a period of 12
months at an exercise price equal to 26 cents.
We seek Safe Harbor.
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