Business
Encanto Potash Corp. Announces $2,000,000 Private Placement Offering Of Flow-through Shares
/ NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES/ ...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN\n THE UNITED STATES/ \n\n\nTrading Symbol:  TSXV   EPO\n\n\nVANCOUVER, Dec. 20, 2011 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the\n \"Company\") (TSXV: EPO) or (OTCQX: ENCTF) is pleased to announce a non\n brokered private placement offering (the \"Offering\") of up to 5,000,000\n common shares to be issued on a \"flow-through\" basis at $0.40 per\n common share (the \"Flow-through Shares\") for aggregate gross proceeds\n to the Company of $2,000,000.\n\n\nThe proceeds from the financing will be used to expand the resources on\n Encanto's potash properties located in southern Saskatchewan through 3D\n seismic and or drilling programs.\n\n\nIn connection with the Offering, a 5% cash finder's fee of the aggregate\n gross proceeds arising therefrom will be paid to Industrial Alliance\n Securities.  All securities issued in connection with the Offering will\n be subject to a hold period of four months from the date of closing. \n The Offering is subject to the approval of the TSX Venture Exchange.\n\n\nThe Company is also pleased to confirm the appointment of Jamie\n Schwitzer to the Board of Directors.  Mr. Schwitzer serves as the Vice\n President of Westcap Mgt. Ltd.  He holds a Bachelor of Arts and\n Administration from the University of Regina, Saskatchewan, and\n maintains a CFA designation.\n\n\nAbout Encanto:\n\n\nEncanto Potash Corp. is a TSX Venture Exchange and OTCQX listed Canadian\n resource company engaged in the exploration and development of potash\n properties in the Province of Saskatchewan, Canada, the largest\n producing region for potash in the world.  Encanto's flagship\n Muskowekwan First Nation property has a recent NI 43-101 resource\n estimate containing 79.1 million tonnes of KCI grading 29.4% in the\n Indicated resources category along with 60.5 million tonnes grading\n 29.7% in the Inferred resource category.  These resources, based on the\n solution mining method, may be increased substantially with the\n addition of the Treaty Land Entitlement acreage.  A Preliminary\n Economic Assessment (PEA), based solely on the Indicated Resource\n estimate, was released in August of 2011 and a further release of an\n expanded NI 43-101 compliant resource estimate is scheduled in 2...