March 7, 2012
Ethiopian Potash Announces Management Change
TORONTO, ONTARIO--(Marketwire - March 7, 2012)
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Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED.V) announces the resignation of David Wahl as President and Chief Executive Officer and Director of the Company effective March 7, 2012. The Company's Board of Directors will be appointing a new Chief Executive Officer and in the interim George Roach will act in that capacity. The Company wishes to thank Mr Wahl for his contribution over the past 18 months.
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The Company also announces that it is in on-going negotiations in respect of a proposed private placement with a strategic investor. It is anticipated that if such negotiations are ultimately successful, such investor will acquire a 19.9% interest in the Company, the board of the Company will be restructured, and the option agreement between the Company and G and B Central African Resources Ltd. (GBCAR) will be restructured such that GBCAR will permit an early exercise of the option, in exchange for compensation to be determined.
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About Ethiopian Potash Corporation.
Ethiopian Potash Corp. (TSX VENTURE:FED.V)(TSX VENTURE:FED.WT) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
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On behalf of the Board of Directors