Mr. Geoffrey Chang reports WESTERN POTASH CORP. OBTAINS FINAL ORDER FOR PLAN OF ARRANGEMENT
Western Potash Corp. has obtained a final order from the Supreme Court of British Columbia approving the corporate reorganization by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) with Western Resources Corp. The final order, among other things, authorizes Western Resources to acquire all of the issued and outstanding common shares of the company on the basis of 0.2 of a Western Resources common share for each one Western Potash common share.
On March 9, 2017, in accordance with an interim order from the Supreme Court of British Columbia dated Feb. 6, 2017, the company held an annual and special meeting of the holders of common shares of Western Potash, at which the shareholders were asked, among other things, to consider and pass a special resolution approving the arrangement. At the meeting, the arrangement resolution was overwhelmingly approved by approximately 96.20 per cent of the votes of Western Potash shareholders present in person or represented by proxy at the Western Potash meeting.
The company anticipates that the arrangement will close on or about March 31, 2017, subject to the satisfaction or waiver of all other conditions to the arrangement.
Further details regarding the arrangement are set out in the management information circular of Western Potash dated Feb. 7, 2017, which is available on SEDAR under the company's issuer profile.
We seek Safe Harbor.
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