Potash One Announces Closing of Equity Financing
07 März 2008 - 5:40PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (FRANKFURT: I5X) (the "Company" or
"Potash One") is pleased to announce that it has completed a
non-brokered equity private placement of 3.5 million units at a
price of $4.00 per unit for net proceeds of $14,000,000. (the
"Placement"), as previously reported in Stockwatch on February 21,
2008. A total of 165,000 units, representing 5% of certain
subscriptions were issued to certain finders for introducing the
subscribers to the Company. Wellington West Capital Markets Inc.,
Peninsula Merchant Syndications Corp and Canaccord Capital
Corporation assisted the Company in a portion of the offering.
Management of the Company subscribed for 125,000 units of the
Placement.
The proceeds from the Placement will be used to expedite the
development of the Company's Legacy Potash Project in Saskatchewan
and for general corporate purposes.
Paul F. Matysek., President and Chief Executive Officer of
Potash One Inc., said: "We are very pleased with the quality and
support of our new shareholders. The new funds will be invaluable
in assisting our corporate development plans."
The securities described herein have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States unless registered under the Act or
unless an exemption from registration is available.
About Potash One Inc.
Potash One Inc. is a Canadian resource company engaged in the
identification, acquisition, exploration and development of
advanced solution mine amenable potash properties. The Company
holds an option to acquire 100% interest in a 97,240 acre Potash
Subsurface Exploration Permit in Saskatchewan, Canada ("the Legacy
Project"). The Legacy Project was previously explored by Imperial
Oil Ltd. (now Exxon) and Lumsden Potash Corporation and is adjacent
to the largest producing solution potash mine in the world. The
Company has a solid balance sheet and experienced technical and
corporate management to advance its current project to the next
level.
Forward Looking Statement
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address further production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions such statements are
not guarantees of further performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Potash One Inc. Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer (604) 331-4431 (604) 608-4979
(FAX) Email: info@potash1.com
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