Vancouver, B.C., June 1, 2017: American Potash Corporation (the “Company”) (AMP:CSE) announces that it has increased the total amount of proceeds of its previously announced private placement from $200,000 to $227,500. All other terms will remain the same.
The company will also like to announce that it has closed the first tranche of its previously announced nonbrokered private placement (the “Private Placement”) for 2,075,000 Units (“Units”) at a price of $0.10 per Unit to raise the rest of the total proceeds of $207,500 out of $227,500.
Each Unit will be comprised of one common share of the Issuer (a “Share”) and one common share purchase warrant of the Issuer (each whole warrant, a “Warrant”). Each Warrant will be exercisable into a common share of the Company (a “Warrant Share”) for a period of 12 months at an exercise price of CDN$0.15 during the one year.
The proceeds of this private placement are for the Company’s general working capital and property acquisitions.
About American Potash
American Potash is a public company focused on discovery, development and production of potassium and lithium resources in the Paradox Basin, Utah and elsewhere. American Potash currently holds exclusive rights to over 27,000 acres in the Paradox Basin with US federal potash permit applications. In 2016 American Potash acquired lithium mining claims and Utah State lithium leases totaling approximately 25,300 acres
On behalf of the Board of Directors
“Rudy de Jonge”
Rudy de Jonge, CEO
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company’s forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company’s ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company’s ability to obtain regulatory approvals in a timely manner; and the Company’s ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.