- Western Resources Corp. (WRX) has closed the conversion of common shares held by Vantage Chance Limited in Western Potash Holdings Corp.
- The shares were exchanged for common shares of Western Resource Corp.
- Vantage now has ownership and control over 219,726,258 WRX shares, representing 53.79 per cent of the total issued and outstanding WRX shares
- Western Resources Corp is a resource company focused on the development of its potash project in Canada
- Western Resources Corp. opened trading at $0.255 per share
Western Resources Corp. (WRX) has closed a conversion of common shares held by Vantage Chance Limited in Western Potash Holdings Corp.
The shares were exchanged for common shares of the company (WRX shares) following receipt of conditional approval from the TSX and the written consent by its majority shareholder, Tairui Mining Inc.
Tairui Mining owns 105,854,938 WRX shares, representing approximately 56.08 per cent of the total issued and outstanding WRX shares pre-conversion.
As a result of this, Vantage now has ownership and control over 219,726,258 WRX shares, representing 53.79 per cent of the total issued and outstanding WRX shares calculated on a post-transaction, non-diluted basis.
Tairui’s shareholding in the company has been diluted to approximately 25.91 per cent post-conversion.
The board of directors of the company also passed a written resolution appointing Mr. Justin Xing, director of Vantage, to the board of the company, filling a vacancy of the board.
“Today’s closing of the conversion represents another important milestone for the company,” noted Western Resources Corp. Chairman and CEO, Mr. Bill Xue.
“We welcome Vantage becoming the company’s new majority shareholder, and I am confident that the company will advance into greater success from this new point,” he added.
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.
Western Resources Corp. opened trading at $0.255 per share.