IC Potash Completes Share Redemption of Subsidiary
17 October 2017 - 10:00PM
IC Potash
Corp. (TSX:ICP)(OTCQB:ICPTF) (“IC
Potash” or the “Company”) is pleased to announce that the
redemption of the Company’s shares in Intercontinental Potash Corp.
(USA) (“ICPUSA”) has been completed. The redemption is
described in the Management Information Circular for the Special
Shareholder Meeting of the Company held on October 12, 2017 that
was filed with the Canadian Securities Administrators. The Circular
can be found at http://www.sedar.com/
The Company received an initial payment of USD
$1.4 million on redemption of ICPUSA shares. The Company will
receive an additional payment of USD $1.4 million on or before
January 8, 2018. Additional proceeds of disposition on the
redemption of the shares in ICPUSA include rights to seventy-five
per-cent of water revenues that ICPUSA may earn by selling water to
oil and gas companies which are fracking tight oil formations in
the Permian Basin. The Ochoa Potash Project, previously held by the
Company, is located in the Permian Basin and ICPUSA retained the
water rights. Water is in high demand by the oil and gas
companies and can be sold at high prices by ICPUSA. The revenues
that the Company may earn will be up USD $12.2 million.
The Company is closely investigating various
sectors and companies for potential JV or investment partnerships
for deploying the funds.
Mehdi Azodi, President and CEO of IC Potash
stated, ”We are pleased to see the completion of the redemption
transaction. We anticipate a substantial return on the water
rights since the water is in high demand by the oil and gas
companies located in Lea County and the other counties of southeast
New Mexico and West Texas.”
About IC Potash
IC Potash is establishing a diversified
portfolio of investments and interests with initial focus on
organic fertilizers and resource assets. ICP Organics, a wholly
owned subsidiary of IC Potash Corp., is focused on research,
development and investment in the fertilizer and medical cannabis
sectors, with emphasis on organic fertilizers and pesticide free
products. Organic products provide value-enhancing opportunities to
medical cannabis and other agricultural growers allowing the
producers to sell products at premium prices.
IC Potash intends to establish joint research
and development partnerships with Canadian Licensed Producers
operating under ACMPR regulations in Canada. The Company is also
establishing commercial relationships with medical and recreational
cannabis producers in the United States. IC Potash has made an
equity investment in cannabis operations in South America. As IC
Potash grows, it plans to build a diversified portfolio in
commercial-scale cannabis cultivators and related downstream
cannabis industry providers. The Company may invest in
various private and public companies in diversified sectors
on an opportunistic basis.
For more information, please visit
www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties and other
factors which may cause the actual results, performance or
achievements of IC Potash to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements include
statements that use forward-looking terminology such as “may”,
“will”, “expect”, “anticipate”, “believe”, “continue”, “potential”
or the negative thereof or other variations thereof or comparable
terminology. Such forward-looking statements include, without
limitation, statements regarding planned investment activities
& related returns, trends in the markets for fertilizers and
medicinal or recreational use of cannabis, the timing or assurance
of the legalization of recreational cannabis, the timing for
completion of research and development activities, the potential
value of royalties from water and other resources, and other
statements that are not historical facts. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of IC Potash, including, but not
limited to, changes in market trends, the completion, results and
timing of research undertaken by IC Potash, risks associated with
resource assets, the impact of general economic conditions,
commodity prices, industry conditions, dependence upon regulatory,
environmental, and governmental approvals, the uncertainty of
obtaining additional financing, and risks associated with cannabis
use for medicinal or recreational purposes. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements.
For More Information, Please
Contact:
Mehdi Azodi, IC Potash, President & CEO, 416
779 3268, mazodi@icpotash.org