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.
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