Vancouver, B.C.-Potash One Inc., formerly ISX Resources Inc., on Dec. 19 announced a non-brokered equity private placement of up to 4.15 million units at a price of $2.65 per unit for gross proceeds of $10,997,500. Each unit shall consist of one common share and one-half common share purchase warrant. Each whole warrant shall be exercisable for one common share at a price of $3.25 per share for a period of 15 months following closing. In the event that the common shares close at $4.00 or greater for 10 trading days, subsequent to the expiry of the 4 month hold period, the expiry date may be accelerated by the company to a period of 30 days. The net proceeds of the placement will be used to expedite further exploration and development of Potash One’s previously explored Legacy potash project in Saskatchewan, and for general corporate purposes. Potash One controls over 97,000 acres of previously explored potash-bearing property, which is directly adjacent to a large producing potash mine to the south of the Company’s property. The company also reports that it has co-participated with several institutions in a private placement of a recently established private junior potash exploration company by subscribing for 1 million units at $0.50 per unit.
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