Business
Angus Ventures Corp. provides update on merger with Encanto Potash Corp.
/NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR THE DISSEMINATION IN THE UNITED STATES./ TS...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR THE DISSEMINATION\nIN THE UNITED STATES./\n\nTSXV-NEX\nTrading Symbol: AGN.H\n\n\nVANCOUVER, March 25 /CNW/ - Angus Ventures Corp. ("Angus" or the\n"Company") wishes to provide an update to its news release of November 27,\n2008, in which it announced a proposed merger with Encanto Potash Corp.\n("Encanto").\n\n\nEncanto is a private company that has to date, obtained exploration\nPermits from the Federal Department of Indian and Northern Affairs Canada\n("INAC") and three First Nation Bands which allow Encanto to explore on three\nprospective First Nation Reserve areas in South Eastern Saskatchewan.\nPreliminary environmental approval has been received and 2D seismic\nexploration has been concluded over most of these areas. Encanto has MOU's\nwith 8 bands in total, and is pursuing permits to explore on these Reserves as\nwell. Potash is used for the creation of fertilizer, as well as other\ncommercial and industrial products. Saskatchewan is the world's leading\nproducer of potash and has the world's largest proven reserves.\n\n\nThe prospects are all located within the confines of the First Nations\nlands and reserves, are all regionally located within a radius of 80\nkilometres, and cover an aggregate area of approximately 75,000 hectares. The\nagreements entered into provide that, in due course and subject to the terms\nand conditions set out therein, all minerals (excluding oil and gas) on the\nsubject lands will be farmed out to Encanto.\n\n\nAmalgamation\n\n\nIt is now proposed to amalgamate Encanto with a wholly-owned subsidiary\nof Angus (the "Amalgamation"). Therefore, it will not be necessary to convene\na meeting of Angus's shareholders. Shareholder approval will be achieved by\nobtaining the consent of holders of more than 51% of Angus's shares.\nCurrently, Encanto's financial statements for the period from incorporation to\nDecember 31, 2008 are being audited. Once this audit is complete, Angus will\nbe able to finalize its amalgamation agreement with Encanto, as well as its\nfiling statement containing detailed disclosure of the proposed transactions\nto be filed with the TSX Venture Exchange and on SEDAR. Angus has filed a\ndraft 43-101 technical report with the Exchange.\n\n\nEncanto Brokered Financing...