08:33:19 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



IC Potash Corp
Symbol ICP
Shares Issued 172,874,654
Close 2015-05-07 C$ 0.285
Market Cap C$ 49,269,276
Recent Sedar Documents

IC Potash's Q1 2015 comprehensive loss at $2.45M (U.S.)

2015-05-07 17:05 ET - News Release

Mr. Sidney Himmel reports

IC POTASH ANNOUNCES 2015 FIRST QUARTER RESULTS, EXTENSION OF WARRANTS, AND CHANGES IN MANAGEMENT

IC Potash Corp. has released financial results for the quarter ended March 31, 2015. As well, effective May 22, 2015, the expiry date for 8.66 million warrants issued on Dec. 18, 2013, and held by non-insiders will be extended from June 18, 2015, to Dec. 18, 2016, subject to approval of the Toronto Stock Exchange. The company also announces that Kevin Strong has resigned as chief financial officer and corporate secretary, effective June 1, 2015, and that Ken Kramer will become ICP's chief financial officer and corporate secretary.

The company recorded a total comprehensive loss of $2,457,740 (U.S.) (one U.S. cent per share) for the quarter ended March 31, 2015, compared with a total comprehensive loss of $1,561,848 (U.S.) (one U.S. cent per share) for the corresponding quarter in 2014. The company's cash balance as at March 31, 2015, was approximately $7.4-million (U.S.), compared with $7.8-million (U.S.) at March 31, 2014. Working capital as at March 31, 2015, was $7.2-million (U.S.), compared with working capital of $7.4-million (U.S.) at March 31, 2014. Please see the company's unaudited consolidated interim financial statements and management discussion and analysis filed on SEDAR and on the company's website.

No additional amendments to the warrants will be made by the company. In accordance with the terms of the warrants, if at any time the volume-weighted average price of the common shares of the company 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 that is 30 days following the dissemination of a press release by the company announcing the accelerated expiry date. If all outstanding warrants were exercised on the date hereof, the common shares issuable thereunder would represent approximately 5 per cent of the issued and outstanding common shares on a non-diluted basis.

At this time, there are a total of 10 million warrants issued and outstanding that are exercisable at a price of 35 cents per common share, representing approximately 5.8 per cent of the issued and outstanding common shares on a non-diluted basis.

In addition to the warrants discussed above, 1.34 million warrants (13.4 per cent) are held by insiders of the company, representing approximately 0.8 per cent of the issued and outstanding common shares on a non-diluted basis. At its annual and special shareholder meeting to be held on June 17, 2015, the company intends to ask shareholders (other than insiders who hold warrants) to extend the expiry date of the remaining 1.34 million warrants held by insiders from June 18, 2015, to Dec. 18, 2016.

Sidney Himmel, president and chief executive officer of ICP, said: "We would like to thank Kevin Strong for his years of service, and we wish him the best in his future endeavours. We are pleased to have Ken Kramer join ICP's senior management team. Mr. Kramer is a financial professional with 31 years of experience in the mineral extraction industry. He has previously worked with Exxon Mobil and Intrepid Potash Inc. Mr. Kramer received his BBA in accounting from Southwest Texas State University and is a CPA [certified public accountant]."

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.