VANCOUVER, British Columbia, May 24, 2017 (GLOBE NEWSWIRE) -- Western Resources Corp. (TSX: WRX ) (FSE:WR0) (the "Company") is pleased to provide an update following the completion of the Plan of Arrangement on March 31, 2017.
The Company has replaced its wholly-owned subsidiary, Western Potash Corp.’s listing status on the Toronto Stock Exchange and commenced trading under the symbol WRX effective April 5, 2017. The Company’s shares also began trading on the Frankfurt Stock Exchange effective April 7, 2017 under the symbol WR0.
The Company continues to be dedicated to moving forward the 146,000 tonne per year Milestone phase-one Potash Project in Regina, Saskatchewan. The project team held a very successful Community Open House on April 11, 2017 in the town of Kronau, which is located near the plant site. Engineering firm AMEC Foster Wheeler provided in-depth information on the plans for the processing facilities, and the Saskatchewan Mining Association (SMA) provided a hands-on solution mining demonstration. The event was well attended with about 80 visitors from the region, as well as representatives from the Provincial government and the local business community.
The Company has also engaged independent financing experts to help secure strategic partner(s)/investor(s) who will provide sufficient funds for the construction and operation of the Milestone phase one project. The Milestone project team, and the engaged financing experts, have confidence in reaching the proposed strategic partnership.
The Company’s Board of Directors has approved an investment proposal on low-rise multi-family development projects with Formwerks Boutique Properties. Formwerks is an award-winning firm with a portfolio of over 600 custom single-family homes and townhouses in the Greater Vancouver area. Known for its strong reputation on architectural design and land development, Formwerks has become a brand of quality and assurance in the Greater Vancouver real estate market.
Western Resources’ Chairman James Moore noted, “I’m pleased to see that the Milestone Phase One Potash Project continues to make progress and is moving forward. In the meantime, I am excited that the Company has started the process of expanding an investment portfolio into other areas following the recent corporate restructuring. This new move will facilitate the Company’s ability to implement alternative value enhancing opportunities. The decision to partner with Formwerks is a good start in diversifying the Company’s assets. It will allow the Company’s cash to earn better returns and help improve the company’s asset structure. This investment will start to generate cash flows to the Company, and therefore increase our shareholder value.”
Shareholders are invited to visit the Company website at www.westernresources.com for more information on the Company.
ON BEHALF OF THE BOARD OF DIRECTORS "James Moore"
James Moore Chairman
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.
