IC
Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“ICP” or the
“Company”) announced today that it has reached an agreement with
Resource Capital Fund V L.P. (“RCF”), one of ICP’s major shareholders,
with respect to the previously announced notice received from RCF
regarding RCF’s intention to nominate representatives to the Board of
Directors of the Company (the “Board”). RCF has withdrawn the director
nominations it submitted to the Company and RCF and management have each
agreed to support a single slate of directors.
Management intends to nominate, and recommend to shareholders, the
following eight individuals for election as directors at its annual and
special meeting of shareholders to be held on June 30, 2015 (the
“Meeting”): John Stubbs, João Paulo Simões Carrêlo, Leiv Mikael Erdal,
Dr. George Poling, Pierre Pettigrew, Anthony Grey, Ernest Angelo and
Knute Lee.
Sidney Himmel, President and Chief Executive Officer of the Company, and
Kay Randall Foote, Chief Operating Officer, will not stand for
re-election at the Meeting.
In addition, within 12 months of the Meeting, ICP has agreed that Dr.
George Poling will step down as Chairman of the Board and that the Board
will appoint a new independent Chairperson. The Board will also seek to
appoint another independent director within four months of the Meeting,
at which time one of Pierre Pettigrew, Anthony Grey, Ernest Angelo or
Knute Lee will resign from the Board.
In order to facilitate a smooth transition, Sidney Himmel will move on
from his position of President and Chief Executive Officer of ICP on or
before June 30, 2016. Thereafter, he may enter into a consulting
agreement with the Company on terms to be negotiated.
Mr. Himmel stated, “The Company is transitioning from its roots as an
exploration and early development stage Company to a project
construction and fertilizer company. The Company therefore now requires
leaders with proven experience in the fertilizer development industry
and construction management, mining operations, and project finance.
With the retention of Dr. Patrick Okita, Graham Wheelock, and Kevin
Burford (see press release of May 8, 2015), ICP has the expertise to
take the Ochoa Project into production and to bring potassium sulphate
to a worldwide market. During my remaining time with ICP I will
enthusiastically support these leaders and the Board of Directors.”
Dr. Poling stated, “I look forward to continuing to work with Mr. Himmel
as the President and Chief Executive Officer of the Company and our
Board towards developing the Ochoa Project. In my opinion, the Ochoa
Project has the ability to become, upon completion, a world-class mine
and processing facility.”
Mr. Foote stated, “In my continuing role as Chief Operating Officer, I
look forward to continuing to support the Board and the Company and am
looking forward to the job creation the Ochoa Project will bring to the
region.”
Detailed biographies of the director nominees can be found in the
Company’s management information circular dated June 6, 2015.
Dr. George Poling, Chairman
On behalf of the IC Potash
Corp. Board of Directors
About IC Potash Corp.
ICP has demonstrated a low-cost method to produce sulfate of potash
(“SOP”) from its 100%-owned Ochoa polyhalite deposit in southeast New
Mexico and seeks to become a primary, long-term producer of SOP. SOP is
a non-chloride potash fertilizer widely used in the horticultural
industry and for high value crops, such as fruits, vegetables, tobacco
and potatoes. It is applicable for soils where there are substantial
agricultural activity, high soil salinity, and in arid regions. The
Ochoa Project has access to excellent local labor resources, low-cost
electricity and natural gas, an approved non-potable water source, rail
lines, and the Port of Galveston, Texas. ICP’s land holdings consist of
approximately 98,500 acres of federal preference right potassium leases,
federal subsurface potassium prospecting permits and State of New Mexico
potassium mining leases. For more information, please visit www.icpotash.com.
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, the need for additional mine development expertise in
management, reserve estimates, 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
hiring and retaining personnel, 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.
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