Canadian Mining Journal

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BUSINESS COMBINATION: Potash One completes acquisition of Potash North

VANCOUVER - Potash One has completed its business combination with Potash North (PON) by acquiring all of the issue...


VANCOUVERPotash One has completed its business combination with Potash North (PON) by acquiring all of the issued and outstanding shares of PON. Each share was exchanged for 0.3125 common shares of Potash One.

 

PON share purchase warrants remain exercisable according to their terms, however when exercised, will entitle the holder to acquire Potash One shares on the basis of the above noted exchange ratio. Incentive stock options of PON were exchanged for stock options of Potash North with appropriate adjustments to the number of shares issuable on exercise and the exercise price, and in the case of holders of options not continuing with Potash One, the options will expire in 12 months.

 

As a result of the combination, PON is now a wholly owned subsidiary of Potash One. Effective April 16, 2009, the common shares of PON have been halted from trading on the TSX Venture Exchange pending delisting. Potash One remains listed on the Toronto Stock Exchange.

 

Potash One owns 100% of Legacy solution mining project which has an NI 43-101-compliant Indicated mineral Resource of 40.8 million tonnes of K2O and an Inferred mineral resource of 391.5 million tonnes of K2O.

 

A few photos of the project on the vast Saskatchewan prairie are posted at www.Potash1.ca.


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