Potash Ridge Corporation Closes $10.5 Million Private Placement
TORONTO, ONTARIO--(Marketwire - Jan. 4, 2012) - Potash Ridge Corporation ("Potash Ridge" or the "Company") today announces the closing of a non-brokered private placement (the "Offering") which raised gross proceeds of $10,493,225. The closing of the Offering was effective December 29, 2011. Pursuant to the Offering, Potash Ridge issued a total of 13,990,966 common shares at a price of $0.75 per share.
The Offering was successfully completed by PowerOne Capital Markets Limited.
The Offering received significant support from recognized institutional investors led by Sprott Resource Corp. ("SRC"). Following the Offering, SRC owns 19.9% of Potash Ridge. In addition, Western Potash Corp. owns 10.6%, Pinetree Capital Ltd. owns 10.6%, and funds managed by Front Street Capital collectively own 7.1%.
All common shares issued pursuant to the Offering are subject to a statutory hold period.
About Potash Ridge Corporation
Potash Ridge owns 100% of the rights to two alunite deposits in Utah named Blawn Mountain and Pine Valley. Alunite is a mineral from which sulphate-of-potash (a high-grade potash), alumina and sulphuric acid can be extracted. A feasibility study, engineering study and mine plan for a large mining and processing operation at Blawn Mountain was prepared in the 1970s following extensive drilling, metallurgical and pilot plant testing.
On behalf of Potash Ridge Corporation
Guy Bentinck, President & Chief Executive Officer
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Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.