Vancouver, British Columbia, May 20, 2022 (Globe Newswire) – Western Resource Corporation (“Western” or “Company”) (TSX: WRX) It is pleased to announce that it has entered into a revised and reinstated subscription agreement (“Amendment”) originally signed with Vantage Chance Limited (“Vantage”) on February 16, 2022, where Vantage has pledged to invest a strategic equity of C $ 80,000,000. (“Investment Transactions”) Western Potash Holdings Corporation (“WPHC”), a wholly owned subsidiary of the company.
The amendment can be found at SEDAR at www.sedar.com under the issuer profile of the company.
Bill Xu, Chairman and CEO of Western, said, “We are pleased to see that the Vantage Equity transaction is nearing completion. Following the recent completion of the first phase of funding from Appian Capital (as noted in our recent news release on May 16, 2022), investment transactions greatly increase the financial certainty of successful Milestone project completion. I am also fascinated by Vantage’s approach to agreeing to the conversion option, which ensures complete control of the Western Potash Corporation and the West over the Milestone project, in the best interests of all shareholders of the company. We look forward to working closely with our new partners in the future. “
About Western Resource Corporation
Western Potash Corporation, a wholly-owned subsidiary of Western Resource Corporation and the company, is building Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. It is expected to be the first potash mine internationally to have no salt tail on the surface, which will reduce water usage by almost half as well as significantly improve energy efficiency. The successful completion of the project will lay the groundwork for further expansion.
On behalf of the Board of Directors
President and CEO
Warning regarding forward statement
Some of the statements in this news release constitute far-reaching information within the meaning of applicable Canadian securities law. Visionary statements are statements that are not historical data and are usually characterized by terms such as “guess”, “continue”, “conjecture”, “expectation”, “expected”, “purpose”, “may be” but not always. ”,“ Will ”,“ project ”,“ plan ”,“ should ”,“ believe ”and similar expressions (with negative variations), or events or conditions that“ will ”,“ will ”,“ may ”,“ Can “or” should “happen. Advanced statements are based on management opinions and assumptions from the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may differ materially from the actual results of the company. Expressed or implied by such far-sighted statements or far-sighted information. While the company’s management has tried to identify important factors that may make the actual results physically different from the information contained in the front page, there may be other factors that may cause the results not to be as expected, conjectured, or intended. There is no guarantee that such a statement will prove to be accurate, as actual results and future events may differ materially from those expected in such a statement. Accordingly, readers should not unnecessarily rely on forward-looking information. The Company does not undertake to update any prudent information set out here, except in accordance with applicable securities law.
For more information on the contents of this release, please contact Simon Guo, Corporate Secretary at 306-924-9378.