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Encanto to Implement Share Consolidation

16.05.2018  |  CNW

VANCOUVER, May 16, 2018 /CNW/ - Encanto Potash Corp. ("Encanto"  or the  "Company")  (TSXV: EPO)  announces  that it intends to  effect a consolidation of its  common  shares  on the basis  of one (1) new common  share  for  every  ten (10)  common  shares  outstanding  effective  as  of May  18,  2018.  

Encanto  currently has  440,817,039  common  shares  outstanding  and,  following  the  share  consolidation on  a  ten (10)  to  one  (1) basis,  will  have  approximately  44,081,704 common  shares  outstanding.   No  fractional common  shares  will  be  issued  and no  cash will be paid  in lieu  of fractional post-consolidation  common shares  but  the  number  of common  shares  to  be  received  by  a  shareholder  will  be  rounded  down  to  the nearest whole  common  share  in the  event that  such  shareholder would otherwise be  entitled to  receive  a fractional common share.

A  letter  of transmittal  will  be  sent  by  mail  to  shareholders  advising  that  the  share  consolidation  has taken  effect  and  instructing  shareholders  to  surrender  the  certi?cates  evidencing  their  common  shares for replacement  certi?cates  representing  the  number  of common  shares  to  which they  are  entitled  as  a result  of  the  consolidation.  Until  surrendered,   each  certi?cate  will  be  deemed  for  all  purposes  to represent  the  number  of  common  shares  to  which  the  holder  thereof  is  entitled  as  a  result  of  the consolidation.

About Encanto Potash Corp.

Encanto Potash Corp. is a TSX Venture Exchange listed and traded Canadian Resource Company engaged in the development of potash properties in the Province of Saskatchewan, Canada, the largest producing potash region in the world. Through a joint venture agreement with Muskowekwan Resources Ltd, Encanto has secured a project land package which totals approximately 61,000 largely contiguous acres. Pre-Feasibility Study dated February 28, 2013 titled "Encanto Potash Corp. Technical Report Summarizing the Preliminary Feasibility Study for the Muskowekwan First Nations Home Reserve Project in South Eastern Saskatchewan, Canada" confirms the Proven and Probable KCI Reserves totaling 162 Mt grading 28% KCl (average) which supports primary and secondary mining for over 50 years at an assumed annual rate extraction rate of 2.8 Mt of MOP. The PEA dated May 24, 2017 titled " NI 43-101 Technical Report on a Preliminary Economic Assessment and Preliminary Feasibility Study of the Muskowekwan Potash Project, South-Eastern Saskatchewan, Canada" summarizes an alternative development option that supports primary and secondary mining of the Mineral Resources for 48 years at an annual extraction rate of 3.4 Mt of MOP. On December 30, 2016, Encanto signed a 20-year off-take agreement with the National Federation of Farmers' Procurement, Processing, and Retailing Cooperatives of India Ltd., (NACOF) registered under the Ministry of Agriculture, Government of India to supply 5 million metric tons a year of potash.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

CERTAIN INFORMATION SET FORTH IN THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY. FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE, AMONG OTHERS, RISKS ASSOCIATED WITH MINERAL EXPLORATION AND MINING ACTIVITIES, THE IMPACT OF GENERAL ECONOMIC CONDITIONS, INDUSTRY CONDITIONS, DEPENDENCE UPON REGULATORY APPROVALS, THE UNCERTAINTY OF OBTAINING ADDITIONAL FINANCING, AND OTHER RISKS AND UNCERTAINTIES DETAILED FROM TIME TO TIME IN THE COMPANY'S FILINGS WITH THE CANADIAN SECURITIES ADMINISTRATORS (AVAILABLE AT WWW.SEDAR.COM). FORWARD-LOOKING STATEMENTS ARE MADE BASED ON VARIOUS ASSUMPTIONS AND ON MANAGEMENT'S BELIEFS, ESTIMATES AND OPINIONS ON THE DATE THE STATEMENTS ARE MADE. SHOULD ONE OR MORE OF THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING INFORMATION CONTAINED HEREIN. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS REQUIRED BY APPLICABLE LAW.

 

SOURCE Encanto Potash Corp.



Contact
Gary Deathe, Corporate Development, Tel: (905) 510-3079
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