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IC Potash retains TDI and Gustavson Associates

Published by , Digital Assistant Editor
World Fertilizer,

IC Potash Corp. has retained Resource Development Inc. and Gustavson Associates to finalise the compilation of the work done on the updated feasibility study for the Ochoa Project and generate a NI 43-101 compliant technical report.

The company has also been advised that the United States Department of the Interior has upheld the granting of permits and leases for the Ochoa Project which will enable Intercontinental Potash Corp. (USA) (ICPUSA) to seek project financing on more favourable terms for the benefit of all shareholders.

In addition, modeling undertaken within the Preliminary Economic Study and 43-101 compliant Technical Report dated 28 October 2016, has indicated that the water resources contained in the Capitan Reef Complex aquifer located beneath the Ochoa Project area will not be fully required for production. On this basis, the company has begun exploring possible opportunities for consideration by ICPUSA to generate revenue from these water resources. The company believes that there is significant potential for revenue generation.

Finally, the company has received conditional approval from the Toronto Stock Exchange to extend certain warrants held by non-insiders, previously set to expire on 20 May 2017, for 6 months.

The company currently has 13 798 891 warrants exercisable at $0.08 expiring on 20 May 2017 representing 6.26% of the issued and outstanding capital of the company. IC Potash has obtained warrant holder approval to extend 13 298 891 warrants held by arm’s length parties for six months, to 20 October 2017. The exercise price will remain unchanged at US$0.08 and the acceleration clause will remain in effect. All other terms of the Warrants will also remain unchanged.

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