TORONTO--(BUSINESS WIRE)--
IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“IC Potash” or the “Company”) is pleased to report today that it has agreed to accept US$2.5 million under the proposed amendment in the strategic investment commitment by Cartesian Capital Group, LLC (“Cartesian”) of up to US$45 million, as previously announced. Cartesian agreed to make the strategic investments in IC Potash’s subsidiary, Intercontinental Potash Corp. (USA) (“ICPUSA”). The investment represents Cartesian’s continued support in the Ochoa project. To date Cartesian has funded US$17.5M into the development of the Ochoa project.
“The positive results of the independent Canadian National Instrument 43-101 compliant (NI 43-101) Preliminary Economic Assessment announced earlier this month have encouraged the continued investment in the Ochoa polyhalite deposit. The Ochoa project is a very strategic asset in the development of polyhalite in the United States,” IC Potash President and CEO Mehdi Azodi, stated.
About IC Potash Corp.
IC Potash has previously demonstrated
a method to make Sulfate of Potash (“SOP”) from its 100%-owned Ochoa
polyhalite deposit in Southeast New Mexico and is currently examining
ways to become a low-cost fertilizer producer. The current review IC
Potash’s existing feasibility study is being extended to determine a
viable positive economic path to the production of direct application
polyhalite. The Ochoa project has access to excellent local labor
resources, low-cost electricity and natural gas, water, rail lines, and
the Port of Galveston, Texas. IC Potash’s land holdings consist of
nearly 90,000 acres of federal subsurface potassium prospecting permits
and State of New Mexico potassium mining leases. For more information,
please visit www.icpotash.com.
About Cartesian Capital Group
Cartesian Capital Group, LLC
is a global private equity firm with proven expertise in assisting
closely-held companies to expand internationally. Cartesian manages more
than $2.4 billion in capital and has offices in New York, Sao Paulo,
Shanghai, Warsaw, and Bermuda.
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 IC
Potash 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, statements regarding trends in the markets
for Sulfate of Potash and polyhalite, the completion of an update review
of the feasibility study by the Company, the Company’s intention to
investigate the feasibility of polyhalite product 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 IC Potash, including, but not limited
to, changes in market trends, the completion, results and timing of
studies undertaken by IC Potash, 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.
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