Vancouver, British Columbia - June 28th, 2013 - Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "the Company") is pleased to announce that it has closed its previously announced 20,000,000 units at $0.105 for gross proceeds of $2,100,000. Each unit of the offering consisted of one common share of Pacific Potash and one common share purchase warrant. Each warrant entitles the holder to purchase one share at a price of 13 cents for a period of 30 months following the closing date of the offering.
The gross proceeds of the offering, in combination with previously announced financings, will provide Pacific Potash with $6.35 million of gross proceeds. This new capital will enable the Company to carry out a comprehensive exploration and drill program later this year.
In compliance with Canadian Securities law, all securities issued in connection with the closing of the private placement are subject to a four month hold period that will expire on October 29, 2013.
The Company also wishes to announce the appointment of Mr. Robert Coltura is to the Board of Directors. Mr. Coltura has several years' experience with venture companies including Panthera Exploration Inc., BonTerra Resources Inc., Fairmont Resources Inc. Mega Copper Ltd and GoldStar Minerals Inc. He will aid the Company with the Board's corporate governance responsibilities.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Amazonas Basin Project and the surrounding potash claims targeting the Middle Amazonas Potash Basin, currently the host to multiple new exploration campaigns for potash. The Company also is exploring the Provost Potash Property and the surrounding potash claims targeting the prolific Prairie Evaporite Formation, which is host to multiple conventional and solution potash mines.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal, LL.B
Executive Co-Chairman & Director
For further information, please visit our website at www.pacificpotash.com or contact our V.P of Corporate Communications, Mike Blady:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required.