Business
Encanto announces non- brokered private placement financing of up to $1million
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTIONTO U.S. NEWSWIRE SERVICES...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTIONTO U.S. NEWSWIRE SERVICES/\n\n\n\nVANCOUVER, Sept. 25, 2014 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the \"Corporation\") (TSXV:  EPO and OTCQX: ENCTF) is pleased to announce a non-brokered private placement financing of up to $1,000,000 (the \"Private Placement\").  Proceeds from the Private Placement will be used towards general working capital.\n\nThe Private Placement will comprise two offerings on the same terms.  The first offering will be for up to $600,000 (the \"First Offering\") and will be open to all existing shareholders of Encanto, subject to their jurisdiction of residence.  The second offering will be for up to $400,000 (the \"Second Offering\"), and will be subscribed by certain of the Company's major shareholders, insiders, directors, employees and consultants.  \n\nThe Private Placement will result in the Company issuing approximately 10 million units (the \"Units\") at a price of $0.10 per Unit.  Each Unit will consist of one common share of the Company and one share purchase warrant, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.30 per share for a period of two years after closing.\n\nAs noted above, the Company will make the First Offering available to existing shareholders, who as of the share register record date of September 24, 2014 held common shares in the Company (shareholders resident in Ontario, Newfoundland and Labrador, and countries other than Canada, will need to meet local jurisdiction requirements to participate), under the prospectus exemption as set out in BC Instrument 45-534, or other similar instruments in place in other jurisdictions of Canada.  Further information in respect of BC Instrument 45-534 is set out below.  If subscriptions received in respect of the First Offering exceed $600,000, units will be allocated pro rata among all subscribers to the First Offering.\n\nThe First Offering will be open for acceptance for a period of seven (7) calendar days from the date of this news release expiring October 2, 2014.  Shareholders interested in participating in the First Offering should contact the following individuals at the Company for a subscription form:\n\n\n\n\nJames Walchuck\n\n\n604.683.2402\n\n\njwalchuck@enca...