TORONTO, June 22, 2018 (GLOBE NEWSWIRE) -- Potash Ridge Corporation. (the “Company”)(TSX:PRK) today announced it has closed a $598,200 non-brokered private placement.
Each Unit is priced at $0.06 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 $0.15 for a period of three years from the date of issuance.
9,970,000 Units will be issued upon closing, subject to receipt of any final applicable regulatory approvals. 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 $38,286 were paid in association with the private placement, and 500,000 $0.15 finders' warrants issued on the same terms as outlined above.
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
R. Bruce Duncan
Executive Chairman and Director
CEO, President and Chief Operating Officer
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 atwww.sedar.com).
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