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ETHIOPIAN POTASH CORP. (FORMERLY PANORAMA RESOURCES LTD.) ANNOUNCES CLOSING AND EXCHANGE ACCEPTANCE OF REVERSE TAKEOVER
ETHIOPIAN POTASH CORP. (FORMERLY PANORAMA RESOURCES LTD.) ANNOUNCES CLOSING AND EXCHANGE ACCEPTANCE OF REVERSE TAKEOVER.
About this update from Agriminco Corp
[{"type":"text","content":"Ethiopian Potash Corp. (formerly Panorama Resources Ltd.) (the “Company”; TSXV: FED and FED.WT) announced today that the TSX Venture Exchange (the “Exchange”) has accepted for filing the reverse takeover and amalgamation (the “RTO”) of Ethiopian Potash Corp. (“EPC”) and Panorama Resources Ltd. (“Panorama”) and that trading in the common shares (“Common Shares”) and warrants (“Warrants”) of the Company is anticipated to commence on the Exchange on Friday, March 11, 2011.The RTO was completed on Wednesday, March 9, 2011. For further information on the RTO, please refer to Panorama’s management information circular (the “Circular”) dated January 28, 2011, which is available on SEDAR (www.sedar.com).In connection with the RTO, the Common Shares and Warrants will be listed on Tier 2 of the Exchange under the symbol “FED” and “FED.WT”, respectively. An aggregate of 24,000,000 Warrants are listed, each Warrant entitling the holder thereof to acquire one Common Share at an exercise price of $0.75 until September 9, 2012 as set forth in the indenture governing the warrants dated March 9, 2011, 2011 between the Company and Olympia Trust Company.The board of directors of the Company is comprised of David Wahl, Wally Rudensky, Paul DesLauriers, Sanjay Joshi and George Roach. The senior management team of the Company consists of David Wahl as President and Chief Executive Officer, Michael Galloro as Chief Financial Officer and Bruce Cumming as VP Operations.The board of directors and management team of the Company thank the resigning directors and officers of Panorama for their service and dedication to Panorama and its shareholders.Escrow Release of EPC’s Concurrent Financing FundsAs previously announced, on February 10, 2011 EPC completed an offering (the “Offering”) of 22,000,000 subscription receipts (“Subscription Receipts”) at a price of $0.50 per Subscription Receipt for gross proceeds of $11,000,000. In connection with the RTO, the net proceeds of the Offering were released to the Company and each Subscription Receipt was ultimately exchanged for one Common Share of the one Warrant.As previously announced, BayFront Capital Partners Ltd., Salman Partners Inc. and Fraser Macken...