Western Potash gets majority stake buyout offer from Chinese firm

Western Potash gets majority stake buyout offer from Chinese firm

10:45 AM, 7th July 2015
Western Potash gets majority stake buyout offer from Chinese firm

VANCOUVER, CANADA: Western Potash Corp said that Beijing Tairui Innovation Capital Management Ltd has agreed to make a strategic equity investment of C$80,000,000 in Western at a price of C$0.3213 per common share of Western for a total of 248,989,860 common shares in the capital of Western, which will result in Tairui holding a 51 percent ownership stake in the company on a non-diluted basis on closing of the transaction.

Closing, subject to approvals, is anticipated to take place on or about 31 Aug, it said.

The per share issue price of C$0.3213 represents a 46 percent premium over the company’s average share price for the 30 trading days ended 3 July, Western said.

Along with the acquisition of the majority stake, Tairui will have the right to appoint four nominees to the board of directors of the company.

The adjustment provisions include adjustments in the event that CBC (Canada) Holding Corp elects to exercise, in whole or in part, and within the prescribed time limit, its pre-emptive right to maintain up to a 19.9 percent share position in Western pursuant to the subscription agreement between CBCHC and the company dated 1 June, 2013.

Proceeds from the investment amount will be used for the development of the pilot plant scale selective solution mining operation in accordance with the previously announced positive scoping study on the company’s 100 percent owned Milestone property in southern Saskatchewan.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

KBR forms two new business agreements with Bernhard Capital Partners

HOUSTON, US: KBR Inc said it has agreed to enter into two new partnerships with Bernhard Capital Partners (BCP). The first agreement will establish a ...

Read more
PQ Corp appoints Peabody executive as new CFO

MALVERN, US: PQ Corporation said it has appointed ex-Peabody chief financial officer (CFO), Michael Crews as PQ’s CFO, effective 1 Aug. Crews w ...

Read more
Orica appoints BHP Billiton’s Thomas Schutte as new CFO

MELBOURNE, AUSTRALIA: Orica Ltd said that it has appointed ex-employee of BHP Billiton, Thomas Schutte as Orica’s new chief financial officer, e ...

Read more
ICL to use wastewater treatment tech from Migal research institute

TEL AVIV, ISRAEL: Israel Chemicals Ltd said that its ICL Haifa subsidiary, signed a license agreement with Migal Galilee Research Institute for the us ...

Read more
Technip to cut 6,000 jobs, faces oil & gas industry downturn

PARIS, FRANCE: Technip SA said that anticipating a challenging oil & gas environment it will cut nearly 6,000 jobs worldwide. It will also acceler ...

Read more
Axiall searches for new CEO, looks to improve financial performance

ATLANTA, US: Axiall Corporation said its president and CEO Paul Carrico has retired, effective immediately. Axiall is now searching for a new CEO as i ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X