Western Resources Corp., Vancouver, B.C., announced on Sept. 28 that junior miner Western Potash Corp., the company’s 100% owned subsidiary, received funds in the amount of C$5 million from Vantage Chance Ltd.
The amount is part of the total payment of C$10 million, required to be made by Vantage to Western Potash under the terms of an exchangeable debenture agreement. Western Potash expects to receive the remaining balance in October 2023.
Western Potash is pursuing the completion of the Milestone Potash Phase 1 Project in Saskatchewan (GM March 24, p. 1). The construction of the project was kicked off in June 2019 with an anticipated initial production of 146,000 mt/y.