Saskatoon-Athabasca Potash Inc. said Jan. 10 that in connection with the initial public offering of Athabasca on Dec. 13, 2007, the over-allotment option of 1,521,000 common shares from treasury, pursuant to the exercise of the over-allotment option at a price of C$4.25 per share for gross proceeds of C$6,464,250, has closed. Genuity Capital Markets and National Bank Financial Inc. co-led the underwriting syndicate, which also included TD Securities Inc., Wellington West Capital Markets Inc., and Research Capital Corporation. Athabasca intends to use the net proceeds of the offering to complete an exploration program, a scoping study, and a pre-feasibility study on its wholly-owned Burr project property, located in Saskatchewan, to acquire additional free-hold mineral and surface land property, to fund permit maintenance payments, and to fund exploration programs on its additional properties. Athabasca says it was founded with a goal of establishing itself as a pre-eminent Canadian public company engaged solely in potash exploration and development, and to provide its shareholders with a unique investment opportunity focused entirely on potash.
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