Pacific Potash acquires Potassio, Amazonas claims
2013-04-26 14:05 ET - News Release
Mr. Balbir Johal reports
PACIFIC POTASH CORP ACQUIRES BRAZILIAN SUBSIDIARY AND COMPLETES OPTION AGREEMENT
Pacific Potash Corp. has earned its 100-per-cent working interest in the Amazonas basin potash claims and completed the acquisition of the Brazilian company Potassio Ocidental Mineracao Ltda. from Western Potash Corp. Subject to the terms and conditions of the previously announced ammended option agreement, the company has issued Western one million common shares. Potassio Occidental Mineraco is now a 100-per-cent-owned subsidiary of Pacific Potash, which will allow the company to conduct business within Brazil in a much more efficient manner.
Balbir Johal, executive chairman and a director, stated, "The early acquisition of Potassio Occidental Mineraco Ltda. will also aid us in pursuing strategic investment and business partnerships in Brazil, as well as the ability to aggressively pursue other potential mineral resource acquisitions in the country."
Pacific Potash also wished to announce that with the closing of $2.25-million in financing, the company has granted 2.8 million options. The options have an exercise price of 10 cents and will be vested in accordance with the policies of the Toronto Stock Exchange.
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