RE:RE:RE:RE:RE:RE:RE:Now all ICP needs is over $1 BILLION dollars...Yes yara has out 40mm and here are the terms.. $$ has been spent over the past 2yrs.. What's left is 12mm..
Yara International ASA, the world's largest distributor of plant nutrients, is making a strategic investment of $40 million into IC Potash (ICP) and entering into an off-take agreement that guarantees the sale of 30% of ICP's production on a take or pay basis. The term of the off-take will begin upon the commencement of commercial production for a period of 15 years and will automatically extend every five years thereafter unless either party elects not to extend.
Yara will pay $1.32 a share for 30.1-million ICP shares resulting in Yara owning 19.9% of the issued and outstanding common shares of ICP on a non-diluted basis.
All products will be sold to Yara based on market prices. Yara's ICP shares are subject to a 24 month lock-up or until all financing to complete construction is secured.
Yara is the ideal partner for ICP with a strong distribution network for potash products. Yara has a market cap of $13.5 Billion, revenues of $14 Billion, and EBITDA of $3 billion. The company has operations in 50 countries and annually distributes 20 million tons of fertilizer products into 150 countries.