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RX4H1N1on May 30, 2010 6:59am
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PhosCan Chemical Initiates Review of Corporate Opp
PhosCan Chemical Initiates Review of Corporate Opphttps://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn%5Fnewsreleases%2Easp%3Fsymbol%3DT%2EFOS%26newsid%3D7731325
PhosCan Chemical Initiates Review of Corporate Opportunities
May 07,2010
The Company's primary assets consist of approximately Cdn$68 million of cash, cash equivalents and short-term investments, and a 100% interest in the Martison phosphate project. The Company has previously announced that it has deferred certain aspects of the development of the Martison project, with a view to preserving the Company's cash which could be used for other corporate development activities.
The Company has received an unsolicited proposal from a third party which, if accepted, would result in a change in the Company's business strategy.
The Committee and Cormark will review this proposal, as well as other strategic alternatives which are expected to be in the resource, agriculture or infrastructure sectors. The Committee's mandate is to consider opportunities to use the Company's cash to enhance shareholder value, and make a recommendation to the Board of Directors.
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https://www.phoscan.ca/documents/presentations/2010-02-4-FOSWebsite.pdf