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Oct. 26, 2012 Source: Western Potash news release Western Potash Corp. (WPX: TSX) (FSE: AHE) is pleased to announce that it has closed its previously announced private placement. The Company sold 20,000,000 units (the "Units") at a price of $0.48 per Unit for aggregate gross proceeds to the Company of $9,600,000. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each warrant is exercisable at a price of $0.58 entitling the holder to purchase one common share of the Company at any time up to and including the close of business on October 24, 2015. The shares and warrants issued as a result of this private placement are subject to a four-month hold period with the period expiring the 25th of February 2013. The Company paid a 6% cash finder's fee on a portion of the private placement in a total amount of $458,714. As previously announced, the size of the placement was reduced to comply with the TSE policy limiting a private placement to less than 25% of a company's current issued and outstanding share capital, unless prior shareholder approval is obtained. Proceeds from the private placement are more than sufficient to fully support the completion the Milestone Feasibility Study in addition to Environmental Assessment approval expected in the first quarter of 2013. For more information on Western Potash Corp.'s projects, please visit the Company's website at: www.westernpotash.com Tweet |
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