Potash One Implements its Strategic Development Plan for its Saskatchewan KP 416 and 417 Permit Applications
11 Aprile 2008 - 7:24PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KCL) is pleased to
announce that it has agreed to sell the two permit applications it
recently acquired (see our news releases of March 26th, 2008 and
April 9th, 2008) to 0821474 B.C. LTD., a private British Columbia
company which is at arms length to the Company. The permit
applications were part of a package of three permits and two permit
applications acquired by the Company.
The two permit applications to be sold are KP416 and KP417
which, although in the vicinity of existing or planned potash
operations, are not contiguous with the Legacy Project and are not
considered amenable to solution mining the Company's preferred
potash mining method.
The purchase price payable by the arms-length purchaser consists
$3,097,880 in cash, of which $500,000 has been paid as a
non-refundable deposit, and the balance will be paid upon issue of
the permits. The Company understands that the purchaser intends to
either use the permits as the basis for an initial public offering,
or to sell the permits to a capital pool company or other public
company. The purchaser has agreed to ensure that in connection with
any such event the Company will have the right to acquire up to a
13 per cent interest in the public company on a post financing
basis, nominate one member of the board of the public company, and
to purchase up to 20% of the securities sold in certain future
financings conducted by the public company.
Paul F. Matysek., President and Chief Executive Officer of
Potash One Inc., said: "We are very pleased to have entered into
this agreement as this provides the Company an immediate financial
benefit and a right to retain a significant interest in the
potential development of a conventional potash mine from these two
strategically located permit applications."
About Potash One Inc.
Potash One Inc. is a Canadian resource company engaged in the
identification, acquisition, exploration and development of
advanced solution mine amenable potash properties. The Company
holds an option to acquire 100% interest in a 97,240 acre Potash
Subsurface Exploration Permit ("the Legacy Project"), owns 100% of
three other Potash Subsurface Exploration Permits covering 239,000
acres that are contiguous to the Legacy Project in Saskatchewan,
Canada.. The Legacy Project was previously explored by Imperial Oil
Ltd. (now Exxon) and Lumsden Potash Corporation and is adjacent to
one of the largest producing solution potash mines in the world.
The Company has a solid balance sheet and experienced technical and
corporate management to advance its current project to the next
level.
Forward Looking Statement
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address further production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions such statements are
not guarantees of further performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Potash One Inc. Paul F. Matysek, M.Sc., P. Geo.
President and Chief Executive Officer (604) 331-4431 (604) 608-4979
(FAX) Email: info@potash1.com Website: www.potash1.com
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