The shares will be transferred in return for up to US$15 million in accordance with the terms and conditions of the definitive agreement as outlined in the circular (the settlement).
The company claims that it will now continue towards completing the settlement in accordance with the terms of the definitive agreement. Closing is anticipated by 16 October 2017.
99.54% of the 119 884 879 votes cast by company voting shareholders (present in person or represented by proxy at the special meeting of shareholders held on 12 October 2017) approved the settlement resolution.
Mehdi Azodi, the President and CEO of IC Potash, said: “The strong voting support in favour of the settlement clearly demonstrates that the shareholders recognise this important opportunity to move forward.”
Voting shareholders also approved resolutions to re-approve the company’s stock option plan to ratify and approve the amendment to By-law no. 1 to permit uncertificated shares (the ‘By-law Amendment Resolution’) and the special resolution approving the amendment of articles of incorporation of the company to change the name of the company from ‘IC Potash Corp.’ to such other name as the Board of Directors, in its sole discretion, deems appropriate.
The Stock Option Plan Resolution was approved by 98.34%, the By-law Amendment Resolution was approved by 98.55%, and the Name Change Resolution was approved by 99.25% of the 119 884 879 votes cast by voting shareholders. Shareholder approval requirements have, therefore, been satisfied in respect of each of the Stock Option Plan Resolution, the By-law Amendment Resolution, and the Name Change Resolution, being approved by not less than 50.01%, 50.01% and 66?% respectively. In addition to this, the company claims that it has confirmed that no shareholders exercised dissent rights in connection with the settlement resolution.