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IC Potash Receives Formal Offer to Sell Capitan Reef Complex Aquifer Water Rights
Jun. 12, 2017 08:37AM PST
Potash InvestingIC Potash (TSX:ICP) (OTCQB:ICPTF) (“IC Potash” or the “Company”) is extremely pleased to announce that ICP and Intercontinental Potash (USA) (“ICPUSA”) have received a formal offer from the company H20 of Lea County (“H20”) to purchase ICPUSA’s Capitan Reef Complex Aquifer water. H20 is committed to building the required infrastructure and providing the equipment costing …
IC Potash (TSX:ICP) (OTCQB:ICPTF) (“IC Potash” or the “Company”) is extremely pleased to announce that ICP and Intercontinental Potash (USA) (“ICPUSA”) have received a formal offer from the company H20 of Lea County (“H20”) to purchase ICPUSA’s Capitan Reef Complex Aquifer water.
H20 is committed to building the required infrastructure and providing the equipment costing approximately USD$2M at no cost to ICPUSA. The potential annual revenue for ICPUSA is USD$4M to USD$6M under the proposed offer by H20.
Mehdi Azodi, President & CEO of IC Potash, commented:
“We are pleased to receive such a positive proposal for the highly valuable Capitan Reef Complex Aquifer water asset.”
H20 will be responsible for identifying, purchasing, and installing the required pumps, treatment facilities, pipelines, electrical power, storage facilities and related infrastructure. The ongoing operations and related monthly cost of electricity, labor, maintenance and process chemicals will be carried out by H20.