Encanto Potash Closes Private Placement for $2.7 Million

Encanto Potash Corp. (TSXV:EPO,OTCQX:ENCTF) announced that they have closed a private placement of 7,950,000 common shares at a price of $0.34per share for gross proceeds of $2,703,000.

As quoted in the press release:

A finders’ fee of 5% of the gross proceeds was paid in connection with the financing.  The Company intends to use the proceeds to ensure the Feasibility Study on the Muskowekwan First Nation property and the associated infrastructure and logistics studies are funded to remain on track for a late 2013 completion date, as well as provide general working capital for the Company.  The securities issued in connection with this Offering are subject to a 4-month “hold period” as prescribed by the TSX Venture Exchange and applicable securities laws expiring August 9, 2013.

To view the whole press release, click here.