K+S completes acquisition of Potash One

K+S headquarters in Kassel.

• K+S now holds 100 per cent of the outstanding common shares of Potash One.
• Shares of Potash One shares were delisted from the Toronto Stock Exchange (TSX)
• K+S continues the development of the Legacy Project in Saskatchewan

KASSEL, GERMANY: K+S Aktiengesellschaft (K+S) has acquired all shares of Potash and K+S Canada now holds 100 per cent of the outstanding common shares of Potash One.

To effect the compulsory acquisition, K+S Canada has deposited the cash consideration to which former shareholders of Potash One are entitled under the compulsory acquisition with Kingsdale Shareholder Services Inc, as agent for Potash One. Kingsdale will hold such consideration in trust for Potash One’s former shareholders and will pay out the consideration to them upon deposit of the certificates representing the Potash One common shares formerly held by such shareholders. The common shares of Potash One were delisted from the TSX on March 17, 2011.

K+S will build a new potash solution mine in Saskatchewan which will commence operations in 2015. A review of the optimisation approaches in the existing feasibility study should be completed during the second half of 2011. Based on available resources and the environmental permit that has been granted, the Legacy Project has the potential to gradually set-up a potash output in excess of 2.7 million tonnes of potassium chloride per year.

(C) WOC News