Pacific Potash Corporation Completes $2.25 Million Private Placement Financing
April 11 2013 - 5:17PM
Access Wire
Vancouver, British Columbia - April 11th, 2013 - Pacific Potash
Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "the Company") is
pleased to announce that the Company has completed, subject to
regulatory approval, a non-brokered private placement (the
Offering) pursuant to which a total of 28,125,000 units (Units)
have been subscribed for at a price of CDN$ 0.08 per unit for gross
proceeds of CDN$2,250,000.
The Company intends to use the net proceeds of the Offering to
execute a summer 2013 exploratory drill program on the Company's
claims within the Amazonas Potash Basin in Brazil and for general
corporate purposes.
Each Unit of the placement consists of one common share of
Pacific Potash (Shares) and one common share purchase warrant
(Warrants). Each Warrant entitles the holder to purchase one Share
at a price of CDN$ 0.13 for a period of 30 months following the
closing date of the Offering.
All securities issued in connection with the Offering will be
subject to a four month hold period from the date of issuance in
accordance with applicable securities law. The closing of the
Offering is subject to receipt of TSX approval.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange
under the symbol: PP, as well on the OTCQX under the symbol: PPOTF
and on the Frankfurt Stock Exchange under P9P. Pacific Potash is
engaged in the exploration and development of the Amazonas Basin
Project and the surrounding potash claims targeting the Middle
Amazonas Potash Basin, currently the host to multiple new
exploration campaigns for potash. The Company also is exploring the
Provost Potash Property and the surrounding potash claims targeting
the prolific Prairie Evaporite Formation, which is host to multiple
conventional and solution potash mines.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal, LL.B
Executive Chairman & Director
For further information, please visit our website at
www.pacificpotash.com or contact our V.P of Corporate
Communications, Mike Blady:
Mike Blady
Office: 604.895.7446
Email: mblady@pacificpotash.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Pacific Potash in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Pacific Potash's
actual results, performance and achievements to differ materially
from those expressed or implied by the forward-looking information
and statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. Pacific
Potash disclaims any obligation to update or revise any
forward-looking information or statements except as may be
required.
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