Business
Encanto Potash Corp. announces conversion of convertible debenture and stock option grant
TRADING SYMBOL: TSXV:EPO VANCOUVER , Nov. 20, 2013 /CNW/ - Encanto Potash Corp....
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\nTRADING SYMBOL: TSXV:EPO\n\n\nVANCOUVER, Nov. 20, 2013 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the\n \"Company\") (TSXV: EPO and OTCQX: ENCTF) announces the conversion of a\n $2.5 million convertible debenture issued November 28, 2012 (the\n \"Debenture\") which converted at a price of $0.25 per common\n share. Following the conversion of the Debenture, the Company has a\n total of 296,159,798 common shares outstanding on a non-diluted basis.\n The investor is a director of the Company and a prominent Kuwaiti\n businessman who has significant investments in the automotive,\n financial and natural resource sectors.\n\n\nPursuant to the Company's Stock Option Plan, a total of 2,000,000\n incentive stock options have been granted to directors of the Company.\n The options are exercisable at a price of $0.20 per share for a period\n of 10 years, subject to regulatory approval.\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 PFS was released in February 2013\n confirming Proven & Probable KCI Reserves totaling 162 MMt grading 28%\n which supports primary and secondary mining for over 50 years at an\n annual rate of 2.8 million tonnes.\n\n\nThe Company has a 20% 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 and 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 OF THE BOARD OF DIRECTORS\n\n\n\"James Walchuck\"\nPer: _________________\nJames Walchuck\nPresident and CEO\n\n\nNEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS\n THAT TERM IS DEFINED IN THE POLI...