TSX: WPX FSE: AHE
VANCOUVER, Oct. 30, 2015 /CNW/ - Western Potash Corp.
(the "Company") (TSX: WPX, FSE: AHE) wishes to
announce that it has today received approval from the Toronto Stock
Exchange (the "Exchange") to make a Normal Course Issuer Bid
(the "Bid") to purchase, from time to time, as it considers
advisable, up to 13.65 million of the Company's issued and
outstanding Common Shares (being approximately 2.9% of the
467,185,559 Common Shares outstanding at October 29, 2015). The Bid will commence on
November 4, 2015 and will terminate
on the earlier of November 3, 2016,
or the date on which the Company has acquired all of the shares
sought pursuant to the bid.
Daily purchases will not exceed 53,754 common shares per
day. Purchases will be made in accordance with Exchange
requirements, on the open market through the facilities of the
Exchange or alternative trading systems in Canada. Canaccord
Genuity Corp. will conduct the Bid on behalf of the Company. The
price which the Company will pay for any shares purchased will be
the prevailing market price of such shares on the Exchange at the
time of such purchase. The Company will make its
determination regarding the potential cancellation of the shares
acquired under the Bid prior to the conclusion of the Bid.
The Board of Directors of the Company believe that the current and
recent market prices of the Company's shares do not give full
effect to their underlying value and that, accordingly, the
purchase of shares will increase the proportionate share interest
of, and be advantageous to, all remaining shareholders. The normal
course purchases will also afford an increased degree of liquidity
to the Company's shareholders who would like to dispose of their
shares. The Company has not purchased any common shares of
the Company in the last 12 months. To the knowledge of the
Company, no director, senior officer or other insider of Company
currently intends to sell any common shares under this Bid.
However, sales by such persons through the facilities of Exchange
may occur if the personal or corporate circumstances of any such
person change or any such person makes a decision unrelated to
these normal course purchases. The Board has reserved the right to
stop the Bid in the event market conditions justify it.
About Western Potash Corp.
Western Potash Corp. is a development company engaged in the
evaluation, exploration and development of potash mineral
properties in Western Canada. The
Company intends to develop a world-class potash deposit in an
ecologically sustainable, economically efficient and socially
responsible manner.
For more information on Western Potash Corp.'s project, please
visit the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Patrick Power
Senior
VP, Corporate Development & Director
Cautions Regarding Forward-Looking Statements
Except for statements of historical fact relating to the
Company, 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 the filing and results of
the Technical Report. 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
of the Company to be materially different from those expressed or
implied by such forward-looking statements or forward-looking
information. Although management of the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in 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 information. The Company does not
undertake to update any forward-looking information that is set out
herein, except in accordance with applicable securities
laws.
SOURCE Western Potash Corp.