Western Resources Corp. (the "Company" or "WRX") (TSX: WRX) is pleased to announce that Western Potash Corp. ("Western Potash"), the Company's 100% owned subsidiary, received today funds in the amount of CAD$5 million from Vantage Chance Limited ("Vantage"), in accordance with the terms of the transaction detailed in the Company's news release dated August 15, 2023.
On August 15th, 2023, Western Potash signed an exchangeable debenture subscription agreement with Vantage, pursuant to which Vantage agreed to subscribe for a CAD$10 million exchangeable debenture (the "Exchangeable Debenture") issued by Western Potash. The CAD$5 million payment is part of the total payment, in the amount of CAD$10 million, required to be made by Vantage to Western Potash under the terms of the Exchangeable Debenture.
The transaction is expected to close upon receipt by Western Potash in October 2023 of the remaining balance of CAD$5 million, after which Western Potash will issue and file the Exchangeable Debenture certificate and other material documents relating to the transaction under the Company's profile on SEDAR at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman and CEO
Cautions Regarding Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
For more information on the contents of this release please contact 306-924-9378.