- Western Potash Corp., a subsidiary of Western Resources Corp. (TSX:WRX), has closed the first tranche of its $45 million loan transaction with Appian Capital Advisory LLP
- The first tranche of funds will be used by Western Potash to restart the construction of the Milestone Phase 1 Project
- The funding will also be applied to the settlement of all outstanding legal claims against Western Potash and the removal of all liens related to those claims
- Western Resources Corp is a resource company focused on the development of its potash project in Canada
- Shares of Western Resources Corp. were up 4.478 per cent, trading at $0.35 at 11:47 AM ET
Western Resources Corp. (WRX) subsidiary, Western Potash, has closed the first tranche of its $45 million loan transaction with Appian Capital Advisory LLP.
The first tranche of funds from the loan transaction will be used by Western to restart the immediate construction of the Milestone Phase 1 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.
Following the closing of the first tranche of the loan transaction funding, the company issued 20,774,030 common share purchase warrants which will allow the WPC Investments B.V. (the warrant holder), after exercise, to acquire up to 20,774,030 common shares of the company at a price of $0.2834 for 6 years.
“Appian’s endorsement of the project gives us renewed confidence in our innovative mining technology,” said Bill Xue, Western Potash Corp. CEO.
“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,” he added.
Appian Capital Advisory LLP is a London-based investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, with global experience across South America, North America, Australia and Africa.
Western Resources Corp is a resource company focused on the development of its potash project in Canada owned by its wholly-owned subsidiary, Western Potash Corp, located in Southern Saskatchewan.
Shares of Western Resources Corp. were up 4.478 per cent, trading at $0.35 at 11:47 AM ET.