Sage Potash Corp. Ready for Trading Resumption on TSXV
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Sage Potash Corp. Ready for Trading Resumption on TSXV
Sage Potash Corp. is set to resume trading on the TSX Venture Exchange, a significant step for the company following a temporary halt. The resumption reflects the completion of a regulatory review initiated by the TSX Venture Exchange (TSXV) regarding a crucial acquisition.
Details of the Trading Resumption
The common shares of Sage Potash Corp. were previously suspended from trading as of September 9. This pause was mandated by the TSXV to delve into the acquisition agreement between Sage Potash and a subsidiary of International Process Plants (IPP). This acquisition involves equipment purchased by Sage for a reported amount of $12.6 million, signaling significant investment into the company’s operational capabilities.
Private Placement for Growth
In tandem with the resumption news, Sage Potash announced a non-brokered private placement designed to boost its funds. The offering consists of 37.6 million common shares priced at $0.20 each, aiming to raise gross proceeds of $7.52 million. Additionally, the company is looking to issue convertible debentures with a total principal amount of $3.78 million. This strategic fundraising effort aims to facilitate the company’s operational needs and fulfill obligations associated with the ongoing purchase agreement.
Strategic Use of Funds
The proceeds from the private placement will target various operational aspects, including equipment modifications, logistics, packing, and necessary working capital. Sage Potash is especially focused on becoming a key player in the potash production landscape. By securing these funds, the company not only furthers its immediate investments but also positions itself for potential future growth within the industry.
Compliance and Future Plans
As part of its obligation to the TSXV, all securities issued under the private placement and the associated purchase will be restricted for four months. This measure is critical as the company aligns itself with regulatory standards while pursuing its ambitious growth strategy.
About Sage Potash Corp.
Sage Potash operates with a focus on the Sage Plain Property, situated within the Paradox Basin. The company aims to employ sustainable solution mining techniques to emerge as a prominent potash producer in North America. With its ambitions set on enriching domestic production of this vital mineral, Sage Potash is dedicated to responsible mining practices.
Contact Information
For detailed inquiries, interested parties can refer to the Company’s records on SEDAR+. For further information, reach out to Sage Potash by email. The CEO, Peter Hogendoorn, leads the direction of the company with a commitment to transparency and operational excellence. He can be contacted directly at (604) 764-2158 for any inquiries.
Frequently Asked Questions
What will be the new trading hours for Sage Potash?
Sage Potash shares are set to resume trading at 8 a.m. EST.
What was the reason for the trading halt?
The trading halt was due to a regulatory review concerning an acquisition agreement with International Process Plants.
How is Sage Potash planning to use the funds raised?
Funds will be utilized for equipment-related costs, logistics, packing, and general working capital.
Who is the current CEO of Sage Potash?
The CEO of Sage Potash Corp. is Peter Hogendoorn.
Where can I find more information about Sage Potash?
More information can be found on the company's profile on SEDAR+ and their official website.
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