Western Potash Corp., Vancouver, on April 29 announced that it has entered into a C$85 million term loan facility financing transaction with Appian Capital Advisory LLP, London. The company said the loan has been negotiated at arm’s length and will not materially affect control of the company.
It said proceeds will enable Western to continue and complete the remaining construction and development of the Milestone Phase I Project in Saskatchewan, pay out existing creditors, and for general and administrative expenses of the project.
“I am proud of the breakthrough that the Western team has made in signing the loan transaction with Appian,” said Bill Xue, Chairman and CEO of Western Resources Corp. “This funding, together with the C$80 million equity investment (GM Feb. 18, p. 33), will provide a huge capital injection for Western and a solid foundation for the completion of the project. I am grateful to the dedicated team members for their hard work and look forward to witnessing the revolutionary changes the project will bring to potash mining in the Province of Saskatchewan.”