Potash Ridge acquires Valleyfield Fertilizer Corp in Canada

Potash Ridge acquires Valleyfield Fertilizer Corp in Canada

6:38 AM, 12th August 2015
Potash Ridge acquires Valleyfield Fertilizer Corp in Canada

TORONTO, CANADA: Potash Ridge Corporation said it will acquire all of the issued and outstanding common shares of Valleyfield Fertilizer Corporation, a privately owned corporation registered in Quebec.

Closing of the deal is expected to occur on or before 31 August.

Jay Hussey, president of Valleyfield has advanced development of a sulphate of potash (SOP) project in Quebec utilizing the mannheim process (Valleyfield project). For nine years, Hussey was a vice-president at Migao Corporation (Migao), a company that produces SOP in China using the mannheim process.

Hussey will receive 200,000 common shares of the corporation, together with a royalty from future revenue generated by the corporation utilizing the mannheim process. As an employee of Potash Ridge, Hussey will continue to work on the development of the Valleyfield project and other potential Mannheim opportunities already identified.

Developed in Germany over a century ago, the mannheim process is one of the most commonly used SOP production processes in the world, primarily occurring in China and Europe. The process combines muriate of potash (potassium chloride) with sulphuric acid at high temperatures to produce SOP and by-product hydrochloric acid. Also the mannheim process technology need low capital cost, has attractive preliminary economics and fast timeline to production, Potash Ridge said.

It is anticipated that construction of the facility could commence within six months of raising the capital necessary to complete engineering, with construction expected to take one year.

“Acquiring Valleyfield brings a new dimension to the company’s strategy of becoming a premier producer of SOP. The Valleyfield project will allow Potash Ridge to become a producer of SOP in an accelerated timeline and at a manageable capital cost. The Valleyfield project is also strategically located to supply SOP to currently underserved markets in North America,” said Guy Bentinck, president and CEO, Potash Ridge.

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