Subscription Agreement out on SEDARThe contractual laguage is clear as mud, but appears a Chinese entity registered offshore as Vantage Chance Holdings is going to control the Milestone mine with 54% of the outstanding shares.
No mention in the Agreement of those owed tens of millions in outstanding construction debt, but that could be included in Schedule A which has been redacted.
Schedule B - SPV REORGANIZATION is just as confusing, as it appears to be following the footsteps of the last Reorganization 5 years ago.
"Immediately following the completion of aforementioned share exchange, the Parent will hold 134,017,653 Common Shares in the capital of the Company. Thereafter, the Investor would invest an aggregate of C$80,000,000 into the Company in return for the issuance by the Company of an aggregate of 157,325,071 Common Shares and thereby becoming the holder of 54% of the outstanding shares of the Company pursuant to the terms of the Subscription Agreement."
Does this signal an additional 157,325,071 share dilution?
Lets hope the Saskatchewan Government is watching this one closely
Western Potash Holdings Corp. - and - Western Resources Corp. - and – Western Potash Corp. - and – Vantage Chance Limited
From the last AIF
187,174,220 shares were issued and outstanding as of December 23, 2021.
"Western Potash Corp. has entered into various capital expenditure commitments for the procurement and construction of the Milestone Project with a remaining committed amount of $15,426,000."
"Furthermore, various vendors have filed builders’ liens for up to $34,338,000 against Western Potash Corp. as a result of delayed payment of outstanding payables related to the Milestone Project."