Western Resources Corp T.WRX

Western Potash Corp. C$85,000,000 Financing Transaction

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VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) -- Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce today that its wholly owned subsidiary, Western Potash Corp. (“Western”), has entered into a C$85,000,000 term loan facility financing transaction (the "Loan Transaction") with Appian Capital Advisory LLP (“Appian”). The Loan Transaction has been negotiated at arm's length and will not materially affect control of the Company. Proceeds of the Loan Transaction will enable Western to continue and complete the remaining construction and development of the Milestone Phase I Project (the “Project”), pay out existing creditors and for general and administrative expenses of the Project.

Western Potash Corp. Signs C$85,000,000 Financing Transaction With Appian Capital and Announces Investment Review Clearance of C$80,000,000 Equity Investment by Vantage Chance Limited

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"If the Company share price reaches at least C$0.50/share above exercise price for 5 consecutive trading days (to be adjusted for customary anti-dilution provisions), Appian will be required to exercise (via cash or cashless exercise) within 5 business days, subject to Appian being legally permitted to exercise."