Business
Lions Bay Announces Offer to Acquire Balance of Consolidated Potash Corporation
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2018) - Lions Bay Capital Inc. (TSXV: ...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Announces Offer to Acquire Balance of Consolidated Potash CorporationVancouver, British Columbia--(Newsfile Corp. - May 4, 2018) - Lions Bay Capital Inc. (TSXV: LBI) (\"Lions Bay\") is pleased to announce that it has resolved to make an offer to the shareholders of Consolidated Potash Corporation Limited (CPC) to acquire the 53.5% of CPC that it does not already own (the \"Offer\"). The Offer is for one new Lions Bay common share for each CPC share held representing a total issue of 12,206,992 new common shares in Lions Bay at a price of C$0.10 per share. Lions Bay has received indicative support for the Offer from shareholders of CPC representing 52% of the 53.5% being purchased. Subject to the applicable Australian legislation, Lions Bay anticipates reaching 100% ownership of CPC. The Offer is subject to TSXV approval for the issue of the 12,206,992 common shares. CPC (formerly Aqua Guardian Group) continues to make progress in commercialising the aMES™ technology, particularly for applications in the potash sector. CPC is in discussions with several potash project proponents regarding potential use of the aMES™ technology and is continuing to make progress at the flagship Karinga Lakes sulphate of potash project in Australia.On the 30th of April 2018, CPC's Karinga Lakes project partner and operator, Verdant Minerals, provided the following update to the Australian Stock Exchange: \"During the quarter, Consolidated Potash Corporation and its corporate affiliate Activated Water Technologies (AWT) continued to test the performance of the aMES™ technology on brine and salt samples sourced from the Karinga Lakes project. Significant progress continues to be made in process flow sheet design improvements, including successful validation that potassium sulphate (SOP) can be produced from the Karinga Lakes with aMES™ technology, without the need for flotation and its associated reagents and fresh water usage. In order to scale-up the highly encouraging laboratory scale aMES™ test work, AWT and its strategic research partner, Victoria University's Institute for Sustainable Industries & Liveable Cities, have designed and are in the early stages of constructing a larger capacity aMES™ pilot plant, that will assist in further optimising and validating the sulphate of potash flow sh...