Western Potash Corp Receives Strategic Equity Investment for $ 31,979,022

 Western Potash Corp (TSX:WPX) today announced that they have received a strategic investment from China BlueChemical Ltd, through a joint venture company, CBC for C$ 31,979,022.

As quoted in the press release:

 The issue price represents a 15% premium over the 20 day volume weighted moving average.  China Blue is a majority owned subsidiary of China National Offshore Oil Corporation , the largest offshore oil and gas producer in China. Benewood is a wholly owned subsidiary of GUOXIN International Investment Corporation Limited, a financial investment company registered in Hong Kong.

Western Potash’s CEO,Patricio Varas , said:

This investment is a testament to CBCHC’s confidence in the positive business climate in Saskatchewan, the exceptional nature of the Milestone deposit and Western’s team.  Our strategic alliance with China Blue and Guoxin will provide Western with access to project financing, technical expertise in large-scale project construction and marketing channels for future potash sales.

To view the whole press release, click here.