Potash Ridge Corporation has announced a fully subscribed, non-brokered private placement of $0.24 units for gross proceeds of $750,000. Each unit consists of one common share in the capital of potash ridge and one-half of one common share purchase warrant. Each whole warrant gives its holder the right to purchase one common share at $0.50 for a period of three years from the date of issuance.
More than 3 million units will be issued upon closing which is due to happen around the end of this month, subject to the successful receipt of all regulatory permits and approvals. Moreover, all securities issued in linkage with the private placement will be subject to a period that expires four months plus one day after they are issued.
Potash Ridge, a Canadian exploration and development company, is a near term producer of premium fertilizer with state-of-the-art development assets in Utah and Quebec. The company has a unique opportunity to develop a mine and processing facility to start producing premium-priced, low-chloride sulphate of potash “SOP”. A highly experienced and skilled management team is already in place along with significant financial, project management and operation experience as well as the ability to take projects into productions.
Potash Ridge’s strategy is to become a first-class SOP producer in North America. The company is working on two SOP projects: the Valleyfield project that intends to produce SOP through the Mannheim Process and the Blawn Mountain project in Utah that plans to produce SOP by processing an alunite material.