/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE
SERVICES/
TORONTO, Dec. 18, 2013 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSX: ICP) is pleased to announce the closing of its previously
announced non-brokered offering of 20,000,000 units of the Company (the
"Units") at a price of $0.25 per Unit for aggregate gross proceeds of
$5,000,000.
Each Unit consists of (i) one common share of the Company (a "Common Share"); and (ii) one-half of one common share purchase warrant (each whole
such warrant, a "Warrant"). Each Warrant entitles the holder to acquire one additional Common
Share at an exercise price of $0.35 for a period of 18 months from the
date of issuance thereof, provided that if, at any time after the date
which is four months and one day following the date hereof, the volume
weighted average price of the Common Shares on the Toronto Stock
Exchange (the "TSX") is equal to or exceeds $0.50 for 20 consecutive trading days, the
Company may accelerate the expiry date of the Warrants, in which event
the Warrants will expire upon the date (the "Accelerated Expiry Date") which is 30 days following the dissemination of a press release by
the Company announcing the Accelerated Expiry Date.
ICP intends to use the net proceeds for working capital purposes. The securities issued under the Offering are subject to a hold period,
which will expire on April 19, 2014.
The Company paid a cash fee equal to 8% of the amount raised by eligible
finders in connection with certain subscribers under the Offering and
issued 1,336,000 finder warrants to such finders. Each finder warrant
entitles the holder to acquire one Common Share for a period of 12
months at an exercise price equal to $0.26.
Forward-Looking Statements
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties and other factors which may cause the actual
results, performance or achievements of ICP to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Forward- looking statements
include statements that use forward-looking terminology such as "may",
"will", "expect", "anticipate", "believe", "continue", "potential" or
the negative thereof or other variations thereof or comparable
terminology. Such forward-looking statements include, without
limitation, reserve estimates, statements regarding the expected
results of the FS and completion of the FS on schedule and on budget,
ICP's expected position as one of the lowest cost producers of SOP in
the world, the timing of receipt and publication of ICP's environmental
permits, the sufficiency of ICP's cash balances, the timing of
production, and other statements that are not historical facts. These forward-
looking statements are subject to numerous risks and uncertainties,
certain of which are beyond the control of ICP, including, but not
limited to, risks associated with mineral exploration and mining
activities, the impact of general economic conditions, industry
conditions, dependence upon regulatory approvals, the uncertainty of
obtaining additional financing, and risks associated with turning
reserves into product. Readers are cautioned that the assumptions used
in the preparation of such information, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
SOURCE IC Potash Corp.
