Encanto Potash Closes Private Placement with Long Term Investor
Encanto Potash Corp. (“Encanto” or the “Company”) (TSXV: EPO) announces that it has closed its private placement of 1,666,666 units at a price of $0.30 per unit for gross proceeds of $500,000 (the “Private Placement”). Each unit consists of one common share of the Company and one share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one common share of the Company at a price of $0.18 per share for a period of 2 years from closing. The securities issued pursuant to the Private Placement are subject to a hold period until December 18, 2018.
Encanto arranged and will use this funding to further its strategy to lower the Capex and engineering costs through the present studies that are being carried out, as well as for operating capital. This funding will enable Encanto to move through this present stage into the 4th quarter. At that time the Company will have the results from the Environmental Gap Analysis, Water Study and Value Engineering Studies.
For further information, please contact:
Director of Corporate Development
Toronto, Tel: 905-510-3079