Legacy Project
NI 43-101 In-Situ 400M tonnes of Potash -Saskatchewan.
Message: Potash One Completes Business Combination With Potash North
| April 17, 2009 |
| CORRECTION FROM SOURCE: Potash One Completes Business Combination With Potash North |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2009) - The following corrects and replaces the release issued at 8:30 am Eastern time on April 17, 2009, for Potash One Inc. Paragraph 6 ("Shares and warrants of PON held...exchange and shareholder approval.") was missing. The complete, corrected release follows. Potash One Inc. (TSX:KCL) is pleased to announce that effective April 17, 2009, it has completed a business combination with Potash North Resource Corp. ("PON"). Pursuant to the business combination, Potash One acquired all the issued and outstanding shares of PON, with each outstanding PON share exchanged for 0.3125 common shares of Potash One. PON share purchase warrants remain exercisable according to their terms, however when exercised, will entitle the holder to acquire Potash One shares on the basis of the above noted exchange ratio. Incentive stock options of PON were exchanged for stock options of Potash North with appropriate adjustments to the number of shares issuable on exercise and the exercise price, and in the case of holders of options not continuing with Potash One, the options will expire in 12 months. As a result of the business combination completing, PON is now a wholly owned subsidiary of Potash One. Effective April 16, 2009, the common shares of PON have been halted from trading on the TSX Venture Exchange pending delisting. Potash One remains listed on the Toronto Stock Exchange. Paul Matysek, President and CEO of Potash One stated: "We are very pleased to have completed the acquisition of Potash North in a timely fashion and we welcome our new shareholders from PON. With the transaction finalized, Potash One has solidified its position as the leading junior potash mine developer in Canada. Potash One now has working capital in excess of the costs to complete the feasibility of its Legacy project and now controls over 500,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada." Refer to the management information circular of PON, dated March 5, 2009 and available at www.sedar.com, for additional information regarding the Business Combination and matters related thereto. Shares and warrants of PON held by Potash One prior to the closing of the business combination were disposed of by Potash One to a trust established for the purpose of operating a share compensation plan for the benefit of eligible Potash One employees, officers, directors and consultants. The compensation plan with the trust is subject to exchange and shareholder approval. About Potash One Inc.: Potash One Inc. is a TSX-listed Canadian resource company engaged in development of advanced potash properties amenable to solution mining. The Company owns 100% of more than 515,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada. This includes the 97,240 acre Legacy Project which has an NI 43-101-compliant Indicated Mineral Resource of 40.8 million tonnes of K2O and an Inferred Mineral Resource of 391.5 million tonnes of K2O. The Legacy Project is adjacent to the largest producing solution potash mine in the world. Solution mining is scalable, shorter time to production and has significantly lower capex. On behalf of the Board of Directors: POTASH ONE INC. Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive Officer |
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