TORONTO, Oct. 16, 2017 /CNW/ - Potash Ridge
Corporation. (the "Company") (TSX:PRK) today announced it has
arranged a fully subscribed, non-brokered private placement of
Units for gross proceeds of $2,300,000.
Each Unit is priced at $0.10 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 $0.20 for a
period of three years from the date of issuance. Closing of the
private placement will occur on or about October 25th, 2017.
In accordance with applicable securities legislation, all
securities issued in the Private Placement are subject to a
statutory hold period of four months and one day. Finder's fees of
6% cash are payable.
The proceeds from the private placement will be used to advance
the Company's 100% owned Blawn Mountain potash project in
Utah and for general corporate
purposes.
On behalf of the Board of Directors
POTASH RIDGE CORPORATION
"Andrew X. Squries"
Andrew Squires
CEO, President and Chief Operating Officer
About Potash Ridge
Potash Ridge's strategy is to become a premier producer of
sulphate of potash 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 news release contains
forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are
cautioned that these forward looking statements are neither
promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings
with SEDAR in Canada (available at
www.sedar.com).
SOURCE Potash Ridge Corporation