Western Resources Corp. has announced that its subsidiary company Western Potash Holding Corp. (WPHC) has received the second tranche of its equity funding proceeds from Vantage Chance Ltd. (Vantage) in the amount of $17 million on July 29, 2022, as part of the previously announced Investment Transaction (as set out in a press release dated February 16, 2022), in exchange for the issuance to Vantage of 33 431 578 common shares of WPHC. Upon issuance, Vantage will hold approximately 42.32% of the issued and outstanding common shares of WPHC, which in turn owns 100% of Western Potash Corp. (which itself owns Milestone Potash Project.
The first tranche of Vantage’s equity investment in WPHC in the amount of $33 million closed on May 25, 2022 and resulted in the issuance to Vantage of 64 896 592 common shares of WPHC. With consideration of the Project construction and development funding usage schedule, however, Vantage and WPHC agreed to a Second Amended and Restated Subscription Agreement dated July 28, 2022, allowing Vantage to purchase the previously agreed additional 92 428 479 common shares in two tranches – the Second Tranche and the Third Tranche. The Second Trance, in the amount of $17 million, closed on July 29, 2022 this Friday. The remaining investment of ¬$30 million is expected to close on or before September 30, 2022. Pursuant to the Subscription Agreement, Vantage has committed to make a strategic equity investment of CAN$80 000 000 in WPHC.
Read the article online at: https://www.worldfertilizer.com/potash/03082022/western-potash-holdings-corp-receives-second-tranche-of-17-million-equity-funding-from-vantage-chance-ltd/