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Western Potash Closes First Tranche of Loan Transaction With Appian Capital Advisory LLP
VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce today that its wholly ow
About this update from Western Resources Corp
[{"type":"text","content":" VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) -- Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce today that its wholly owned subsidiary, Western Potash Corp. (“Western”), has closed the first tranche, in the amount of C$45 million, of its Loan Transaction with Appian Capital Advisory LLP (\"Appian\"), the terms of which were previously announced in the press release of April 28, 2022. The first tranche of funds from the Loan Transaction will be used by Western to restart immediately construction of the Milestone Phase 1 Project (“Project”) and continue with its optimized mining development plan. The funding will also be applied in the settlement of all outstanding legal claims against Western and the removal of all liens related to those claims. In addition, pursuant to Section 604 (d) of the TSX Company Manual, the Company has received the written consent from its majority shareholder Tairui Mining Inc. (\"Tairui\"), which holds 56.55% of the total issued and outstanding common shares of the Company as of the date hereof. Tairui consents to and approves of the issuance by the Company of 20,774,030 Warrants to WPC Investments B.V. (the \"Warrantholder\"), an affiliate of Appian pursuant to a Warrant Certificate. Following the closing of the first tranche of the Loan Transaction funding, the Company issued 20,774,030 common share purchase warrants (\"Warrants\") which will allow the Warrantholder, after exercise, to acquire up to 20,774,030 common shares of the Company (\"Warrant Shares\") at a price of $0.2834 for 6 years. The Warrants and the Warrant Shares are subject to a statutory four-month hold period. The Toronto Stock Exchange has conditionally approved the listing of the Warrant Shares. Mr. Bill Xue, Western Potash Corp. CEO, commented, “We are very excited to have this timely and critical funding from Appian. Appian’s endorsement of the Project gives us renewed confidence in our innovative mining technology. Our entire team can’t wait for the restart of the Milestone Project construction. Western looks forward to working closely with all related partners to kick off the construction.” About Appian Capital Advisory LLP Appian is a London-based leading investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, with ...