TORONTO,
June 28,
2017 /CNW/ - Potash Ridge Corporation ("Potash
Ridge" or the "Corporation") (TSX: PRK), a near term producer
of premium fertilizer in North
America, today announced a fully subscribed, non-brokered
private placement of Units for gross proceeds of $750,000.
Each Unit is priced at $0.24
and is comprised of one common share in the capital of Potash Ridge
(a "Common Share") and one-half of one Common Share purchase
warrant. Each whole warrant entitles the holder to purchase one
Common Share at an exercise price of $0.50 for a period of three years from the date
of issuance.
3,125,000 Units will be issued
upon closing which is expected to occur on or about
June 30, 2017, subject to receipt of
any final applicable regulatory approvals. All securities issued in
connection with the private placement will be subject to a
restricted period that expires four months plus one day following
the date of issuance.
The proceeds from the private placement with be used to
advance the Blawn Mountain project and for general corporate
purposes.
About Potash
Ridge
Potash Ridge's strategy is to become
a premier producer of potassium sulphate or SOP in North
America. The Corporation owns two SOP projects:
the Valleyfield project that plans to produce SOP through
the Mannheim Process; and the Blawn Mountain
project in Utah that plans to produce
SOP by processing an alunite material. Potash Ridge has a
highly qualified and proven management team in place with
significant financial, project management and operational
experience and the ability to take projects into
production.
Forward-Looking
Statements
This press release contains
forward-looking statements, which reflect the Corporation's
expectations regarding future growth, results of operations,
performance and business prospects. These forward-looking
statements include statements related to advancing the Valleyfield
Project and may also include statements that are predictive in
nature, or that depend upon or refer to future events or
conditions, and can generally be identified by words such as "may",
"will", "expects", "anticipates", "intends", "plans", "believes",
"estimates", "guidance" or similar expressions. In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. These statements are not historical
facts but instead represent the Corporation's expectations,
estimates and projections regarding future events. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Corporation,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include,
but are not limited to: the state of the equity capital markets;
the receipt of any required approvals for the private placement;
the future financial or operating performance of the Corporation
and its subsidiaries and its mineral projects; the anticipated
results of exploration activities; the estimation of mineral
resources; the realization of mineral resource estimates; capital,
development, operating and exploration expenditures; costs and
timing of the development of the Corporation's mineral projects;
timing of future exploration; requirements for additional capital;
climate conditions; government regulation of mining operations;
anticipated results of economic and technical studies;
environmental matters; receipt of the necessary permits, approvals
and licenses in connection with exploration and development
activities; appropriation of the necessary water rights and water
sources; changes in commodity prices; recruiting and retaining key
employees; construction delays; litigation; competition in the
mining industry; reclamation expenses; reliability of historical
exploration work; reliance on historical information acquired by
the Corporation; optimization of technology to be employed by the
Corporation; title disputes or claims and other similar
matters.
If any of the assumptions or estimates made by
management prove to be incorrect, actual results and developments
are likely to differ, and may differ materially, from those
expressed or implied by the forward-looking statements contained
herein. Such assumptions include, but are not limited to, the
following: that general business, economic, competitive, political
and social uncertainties remain favorable; that agriculture
fertilizers are expected to be a major driver in increasing yields
to address demand for premium produce, such as fruits and
vegetables, as well as diversified protein rich diets necessitating
grains and other animal feed; that actual results of exploration
activities justify further studies and development of the
Corporation's mineral projects; that the future prices of minerals
remain at levels that justify the exploration and future
development and operation of the Corporation's mineral projects;
that there is no failure of plant, equipment or processes to
operate as anticipated; that accidents, labour disputes and other
risks of the mining industry do not occur; that there are no
unanticipated delays in obtaining governmental approvals or
financing or in the completion of future studies, development or
construction activities; that the actual costs of exploration and
studies remain within budgeted amounts; that regulatory and legal
requirements required for exploration or development activities do
not change in any adverse manner; that input cost assumptions do
not change in any adverse manner, as well as those factors
discussed in the section entitled "Risk Factors" in the
Corporation's Annual Information Form (AIF) for the year-ended
December 31,
2016 found
on sedar.com. The Corporation disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by applicable law.
For more information, please go to our website at
www.potashridge.com or contact:
SOURCE Potash Ridge Corporation