Business
Encanto completes common share private placement of $2.7 million
TSXV:EPO VANCOUVER, April 2, 2013 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Com...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSXV:EPO\n\n\nVANCOUVER, April 2, 2013 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the\n \"Company\") (TSXV: EPO and OTCQX: ENCTF) is pleased to announce the\n completion of a private placement of 7,950,000 common shares at a price\n of $0.34 per share for gross proceeds of $2,703,000. Mr. Al-Wazzan a\n director of the company who has participated in $7.5 million in\n previous Encanto convertible debentures purchased 7,350,000 of the\n common shares bringing his total investment to $10 million.\n\n\nThe Company intends to use the proceeds to ensure the Feasibility Study\n on the Muskowekwan First Nation property and the associated\n infrastructure and logistics studies are funded to remain on track for\n a late 2013 completion date, as well as provide general working capital\n for the Company.\n\n\nSecurities issued by the Company in connection with this Offering are\n subject to a 4-month \"hold period\" as prescribed by the TSX Venture\n Exchange and applicable securities laws.\n\n\nThe private placement is subject to acceptance for filing by the TSX\n Venture Exchange.\n\n\nAbout Encanto:\n\n\nEncanto Potash Corp. is a TSX Venture Exchange listed and OTCQX traded\n Canadian resource company engaged in the development of potash\n properties in the Province of Saskatchewan, Canada, the largest\n producing potash region in the world. Through a joint venture agreement\n with Muskowekwan Resources Ltd. (\"MFN JV\") on our flagship property,\n Encanto has a project land package, which totals approximately 61,000\n largely contiguous acres. A Pre-Feasibility Study  was released in\n February 2013 confirming Proven & Probable KCI Reserves totaling 162\n MMt grading 28% which supports primary and secondary mining for over 50\n years at an annual rate of 2.8 million tonnes.\n\n\nThe Company has a 100% interest in two additional potash properties in\n Saskatchewan: the 55,000 acre Ochapowace/Chacachas property and the\n 91,550 acre Spar property.\n\n\nEncanto is currently exploring domestic & international strategic\n partnerships for the financing, development and sale of potash\n production from its MFN JV Property.\n\n\nFor additional information about Encanto Potash Corp., please visit the\n Company's website at www.encantopotash.com or review the Company's documents filed on www.sedar.com.\n\n\nON BEHALF O...