Western Potash Holdings Corp. closes final tranche equity investment of Vantage Chance Limited
VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) — Western Resources Corp. (“Western” or the “Company”) (TSX: WRX) is pleased to announce that its subsidiary Western Potash Holding Corp. (“WPHC”) today received the third and final tranche of the equity financing proceeds from Vantage Chance Limited (“Vantage”) in the amount of $30 million in exchange for the issuance to Vantage of 58,996 901 common shares of WPHC, which represents the closing of the previously announced investment transaction (as noted in a press release dated February 16, 2022).
With the closing of the investment transaction, Vantage invested a total of $80,000,000 in WPHC and became the registered and beneficial owner of a total of 157,325,071 common shares, representing 54% of the total common shares. issued and outstanding of WPHC, with the remaining 46% owned by the Company. WPHC owns 100% of Western Potash Corp. and its Milestone Potash project (“Project”).
Bill Xue, Chairman and CEO of Western, said, “The closing of the equity investment by Vantage has secured additional financial security for the successful completion of construction of the Milestone Phase 1 project. I am pleased that our team project is making great strides in areas such as processing plant construction, pump station modifications, preparation for solution mining, and building a stronger, stronger team. In the meantime, I would like to take this opportunity to express our sincere thanks to Vantage for their confidence in the fundamental principles of the project and their commitment to maintaining and supporting the existing management structure of the company. »
About Western Resources Corp.
Western Resources Corp. and its subsidiary Western Potash Corp. are building one of the newest and most innovative, environmentally friendly and capital efficient potash mines in Canada. It is expected to be the first potash mine in the world to leave no salt residue on the surface, reducing water consumption by about half and significantly improving energy efficiency. The successful completion of the project will form the basis for further expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Cautions Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “expect to”, “intend”, “could”, “will”, “plan”, “plan”, “should”, “believe” and similar expressions (including negative variations), or that events or conditions “will”, “would”, “could”, “could” or “should” occur. Forward-looking statements are based on the beliefs and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those expressed or implied by such forward-looking statements or information. management of the Company has attempted to identify ile the important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information set forth herein except in accordance with applicable securities laws.
For further information on the contents of this release, please contact Simon Guo, Corporate Secretary, at 306-924-9378.