Potash Ridge Finds Possible Buyer for Valleyfield
Junior producer Potash Ridge Corp., Toronto, said Nov. 20 that it has signed a non-binding Letter of Intent (LOI) with Canada Coal Inc. to potentially purchase, joint venture or otherwise complete such other form of transaction that may be mutually acceptable to the parties for the assets of Valleyfield Fertilizer Corp., its potential sulfate of potash producer.
The LOI contains no proposed terms or compensation for any potential transaction between the two parties. The LOI provides for a 90-day period of exclusivity, which will allow both parties to exchange information and maintain confidentiality as each party seeks to determine whether mutually beneficial business opportunities may exist. The company will update the market if and when the relationship with PRK advances to anything more material, or if the LOI terminates (whether by mutual agreement or upon the expiry of the 90-day term).