CALGARY, AB / ACCESSWIRE / January 12, 2021 / First Potash Corp. (the 'Corporation') announces that Lorilee Kozuska, Mark Oberg and Daniel Knol have been appointed as directors of the Corporation; Ronald Richman has resigned as a director; and Lorilee Kozuska has been appointed to the offices of President, Chief Executive Officer, Chief Financial Officer and Secretary of the Corporation.
The Corporation also announces that pursuant to its application to the Executive Director of the British Columbia Securities Commission (the 'BCSC') for a partial revocation of the order issued by the BCSC dated July 17, 2013 (the 'BC CTO'), and its application to the Executive Director of the Alberta Securities Commission (the 'ASC') to vary a cease trade order issued by the ASC on October 16, 2013 (the 'AB CTO'), on December 16, 2020, the BCSC issued a partial revocation order (the 'Partial Revocation Order') of the BC CTO and the ASC issued a variation order (the 'Variation Order') varying the AB CTO. The Partial Revocation Order and the Variation Order are solely for the purpose of permitting the Corporation to: (a) enter into a loan agreement (the 'Loan Agreement') to borrow $10,000 (the 'Loan'), with the proceeds to be used to pay expenses for the revival of the Corporation and the expenses in connection with the Partial Revocation Order and Variation Order; (b) to convert the Loan into units as set forth below; and (c) distribute: (i) up to 90,294,822 common shares of the Corporation, at a subscription price of $0.000161 per common share; and (ii) up to 85,988,419 common shares of the Corporation, at a subscription price of $0.000645 per common share (the 'Offering').
The Loan Agreement has been entered into with Loomac Management Ltd. ('Loomac'). Pursuant to the terms of the Loan Agreement, the Loan has been converted into 62,111,801 Units of the Corporation at a price of $0.000161 per Unit. Each Unit consists of one common share and one common share purchase warrant ('Warrant'), with each Warrant entitling the holder to purchase one additional common share at an exercise price of $0.000645 per share for period of 60 months from the date of issue. The common shares, the Warrants and the common shares issuable upon exercise of the Warrants will be subject to a statutory four month hold period and the BC CTO and the AB CTO.
As part of the Offering, the Corporation issued to Loomac 14,091,510 common shares at a price of $0.000161 per share for a total amount of $2,268.73 and 27,490,341 common shares at a price of $0.000645 per share, for a total of $17,731.27. The common shares are subject to a statutory four month hold period and the BC CTO and the AB CTO.
As a result of the transactions with Loomac, Loomac beneficially owns and controls a total of 103,693,652 common shares which represents 62.9758% of the issued common shares of the Corporation.
For further information contact;
First Potash Corp.
Attention: Lorilee Kozuska
Chief Executive Officer
Phone: (604) 562-5516
SOURCE : First Potash Corp.
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