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The shareholders of Potash North Resource Corporation, a company engaged in exploration, evaluation, and development of mineral properties, have approved the company's proposed acquisition by Potash One, Inc., a potash resource company.
The transaction is expected to close on or about April 16, 2009.
Update on February 20, 2009:
Potash One has executed an arrangement agreement to acquire the remaining 88.5% stake in Potash North Resource.
Announcement (January 22, 2009):
Potash One has entered into a letter of intent to acquire the remaining 88.5 % stake, representing 58.16 million issued and outstanding common shares, in Potash North Resource.
Under the terms of the letter of intent, the shareholders of Potash North Resource will receive 0.31 common shares of Potash One for each common share held in Potash North Resource. The consideration represents an approximate 29% premium over the last 20-trading day period. Certain shareholders including Potash One and all the directors and officers of Potash North Resource have agreed to vote their shares in favor of the transaction.
Potash One owns 7,583,850 common shares of Potash North Resource which represents 11.5% of the currently outstanding shares of Potash North.
Canaccord Capital Corporation is acting as financial advisor to Potash North Resource.
The transaction is expected to close by May 15, 2009.
Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Announced: 2009-01-22
Deal Participants
Target (Company) Potash North Resource Corporation Acquirer (Company) Potash One, Inc. (formerly ISX Resources, Inc.)
Deal Rationale
The transaction would strengthen Potash One's balance sheet, and consolidates its position in the potash junior industry. It would also provide Potash One with over 500,000 acres of subsurface Potash permit holdings in Saskatchewan, Canada.
% Acquisition 88.5%
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