Vancouver, B.C., September 26, 2017: American Potash Corporation (the “Company”) (AMP:CSE) announces that its Joint Venture partner Power Metals Corp has signed the Definitive Agreement (the "Definitive") with MGX Minerals Inc. (CSE:XMG) previously announced through a Binding LOI Agreement on August 2nd, 2017.
The concluded transaction terms are as follows;
- MGX acquires all of the Power Metals Corp's current U.S. Petrolithium Brine assets.
- MGX acquires a 20 percent working interest in all of the Power Metals’ current hard rock assets and any future assets that Power Metals acquires for the following 36 months.
- MGX has the right to purchase an additional 15 percent working interest of the Power Metals’ hard rock assets for a period of 36 months for a total of C$10,000,000.
- MGX receives a call option to purchase up to 10,000,000 common shares of PWM at a price of C$0.65 per share for a period of 36 months.
- MGX pays to PWM 3,000,000 common shares of MGX.
Rudy de Jonge, CEO of American Potash Corp states, “We are pleased that we have a new partner with extensive experience in the type of drilling the joint venture will be engaging in. We feel this will greatly enhance the potential for success.”
Final completion of the transaction is subject to final regulatory approval from both the Canadian Securities Exchange ("CSE") and the TSX Venture Exchange ("TSXV").
On behalf of the Board of Directors
“Rudy de Jonge”
Rudy de Jonge, CEO
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company’s forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company’s ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company’s ability to obtain regulatory approvals in a timely manner; and the Company’s ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.