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Encanto Potash hit with $1.4-million claim by GEM
2019-11-19 18:59 ET - News Release
Mr. Stavros Daskos reports
ENCANTO REPORTS CLAIM BY GEM GLOBAL YIELD FUND LLC SCS
Encanto Potash Corp. has been served with a claim by GEM Global Yield Fund LLC SCS seeking the amount of $1.4-million. The claim pertains to a fee respecting a $100-million share subscription agreement entered into between the company and GEM dated Sept. 13, 2017 (the equity line). Pursuant to the equity line, which included a share lending component, GEM was required to provided financing against draws by the company.
The company is assessing the claim and the applicability of the fee.
About Encanto Potash Corp.
Encanto is a TSX Venture Exchange-listed Canadian resource company engaged in the development of potash properties in Saskatchewan. Through a joint venture agreement with Muskowekwan Resources Ltd. on the Muskowekwan project, Encanto has a project land package that totals approximately 61,000 largely contiguous acres. The company also has a 5-per-cent interest in the 55,000-acre Ochapowace/Chacachas property, also in Saskatchewan.
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