press releases.

Please be advised that the news releases and information posted was accurate at the time of posting,
but may be superseded by subsequent news releases.
  print page Print

IC Potash Announces Closing Of Financing

TORONTO, ON – (Business wire – May 20, 2016) – IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“ICP” or the “Company”) is pleased to announce the closing of its previously announced non-brokered offering (the “Offering”). An aggregate of 18,498,891 units of the Company (the “Units”) were issued for aggregate gross proceeds of $834,950.10.

Each Unit consists of (i) one common share of the Company (a “Common Share”); and (ii) one common share purchase warrant (a “Warrant”).  Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.08 until May 20, 2017, subject to early acceleration as described in the Company's press release dates May 17, 2016.

An aggregate of 17,998,891 Units were issued at $0.045 per Unit. In addition, 500,000 Units were issued at $0.05 per Unit to a director of the Company. Accordingly, the Offering constituted to that extent a "related party transaction" under applicable Canadian securities laws.  The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close the Offering on an expedited basis for sound business reasons.

The Company paid finder’s fees to certain qualified eligible persons assisting the Company in the Offering in the aggregate amount of $38,496.50 (equal to 7% of the gross proceeds raised by such finders).  The Company also issued an aggregate of 855,478 broker warrants (“Broker Warrants”) to qualified eligible persons as is equal to 7% of the aggregate number of Units sold by such finders), each such Broker Warrant entitling the holder to acquire one Common Share for a period of 12 months at an exercise price equal to $0.065.

About IC Potash Corp.

ICP has demonstrated a low-cost method to produce sulfate of potash (“SOP”) from its Ochoa polyhalite deposit in southeast New Mexico and seeks to become a primary, long-term producer of SOP. SOP is a non-chloride potash fertilizer widely used in the horticultural industry and for high value crops, such as fruits, vegetables, tobacco and potatoes. It is applicable for soils where there is substantial agricultural activity, high soil salinity, and in arid regions. The Ochoa Project has access to excellent local labor resources, low-cost electricity and natural gas, an approved non-potable water source, rail lines, and the Port of Galveston, Texas. ICP’s land holdings consist of approximately 98,500 acres of federal preference right potassium leases, federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of ICP to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation the use of proceeds from the Offering and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.


IC Potash Corp.          
Mr. Mehdi Azodi, +1-416-779-3268
Interim President & CEO