Business
Encanto Potash Corp. formalizes deal to acquire potash assets from Raytec Metals Corp.
Trading Symbol: TSXV EPO.V VANCOUVER, July 30 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Com...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol: TSXV EPO.V\n\n\nVANCOUVER, July 30 /CNW/ - Encanto Potash Corp. ("Encanto" or the\n"Company") wishes to provide an update to its previously announced news\nrelease dated June 16, 2009. Encanto is pleased to report that it has entered\ninto agreements (the "Agreements"), replacing the original letter of intent,\nto formalize the acquisition of all of the potash interests of Raytec Metals\nCorp. ("Raytec").\n\n\nRaytec will transfer all of its interests in its Spar and KP452 potash\nproperties in Saskatchewan to Encanto, or its subsidiary, in exchange for\n19,846,525 common shares of Encanto, at a deemed total value of $4,961,631.\nRaytec will also incur $6,500,000 in expenditures on Encanto's existing potash\nproperties and Raytec's potash properties (collectively, the "Potash\nProperties") by December 31, 2009, to earn a 51% interest in the Potash\nProperties owned by Encanto. Encanto will have the option to repurchase the\n51% Raytec interest in the Potash Properties for 26,000,000 common shares of\nEncanto.\n\n\nThe Agreements remain subject to TSX Venture Exchange approval. A\nfinders' fee will be payable in accordance with TSX Venture Exchange policies.\n\n\nAbout Encanto:\n\n\nEncanto Potash Corp. is a TSX Venture Exchange-listed Canadian resource\ncompany engaged in the exploration and development of potash properties in the\nProvince of Saskatchewan. Encanto has agreements with seven First Nations\nPeoples to assist them in developing potash resources on their lands, which\nare located within a radius of about 80 kilometres, and cover an aggregate\narea of over 58,000 hectares in South-Eastern Saskatchewan.\n\n\nTo find out more about Encanto Potash Corp., please visit the company\nwebsite at www.encantopotash.com or review the documents filed on\nwww.sedar.com.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n "James Walchuck"\nPer:\n -------------------\n James Walchuck\n President and CEO\n\nNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER\n(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)\nACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE\n\n\n","length":2326,"tagName":"div"}]