IC Potash Announces Closing of Financing
IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“ICP” or the “Company”) is pleased to announce the closing of its
previously announced non-brokered offering (the “Offering”). An aggregate of 18,498,891 units of the Company (the
“Units”) were issued for aggregate gross proceeds of $834,950.10.
Each Unit consists of (i) one common share of the Company (a “Common Share”); and (ii) one common share purchase warrant
(a “Warrant”). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.08 until
May 20, 2017, subject to early acceleration as described in the Company's press release dates May 17, 2016.
An aggregate of 17,998,891 Units were issued at $0.045 per Unit. In addition, 500,000 Units were issued at $0.05 per Unit to a
director of the Company. Accordingly, the Offering constituted to that extent a "related party transaction" under applicable
Canadian securities laws. The Company did not file a material change report more than 21 days before the expected closing of the
Offering as the details of the Offering and the participation therein by related parties of the Company were not settled until
shortly prior to closing and the Company wished to close the Offering on an expedited basis for sound business reasons.
The Company paid finder’s fees to certain qualified eligible persons assisting the Company in the Offering in the aggregate
amount of $38,496.50 (equal to 7% of the gross proceeds raised by such finders). The Company also issued an aggregate of 855,478
broker warrants (“Broker Warrants”) to qualified eligible persons as is equal to 7% of the aggregate number of Units sold by
such finders), each such Broker Warrant entitling the holder to acquire one Common Share for a period of 12 months at an exercise
price equal to $0.065.
About IC Potash Corp.
ICP has demonstrated a low-cost method to produce sulfate of potash (“SOP”) from its 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 is 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 use of proceeds from the Offering 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.
IC Potash Corp.
Mr. Mehdi Azodi, +1-416-779-3268
Interim President & CEO
MAZODI@ICPOTASH.COM
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