TORONTO, ONTARIO--(Marketwired - Jun 3, 2015) - PhosCan Chemical Corp. (FOS.TO) ("PhosCan" or the "Company") announces that the Board of Directors has initiated a strategic review process with a view to enhancing shareholder value. The Board has established a Special Committee comprised of three independent directors: Stephen White (Chair), Murray Sinclair and Gordon McKinnon. The Special Committee will supervise and engage in the strategic review.
PhosCan's principal assets consist of a 100% interest in the Martison Phosphate Project, located in northern Ontario, and approximately $54 million in cash and cash equivalents. The Special Committee will consider a range of alternatives available to the Company. These alternatives include, but are not limited to, investing the cash and cash equivalents not required in the near term to advance the Martison Project in other assets, a merger or business combination transaction involving a third party, or any combination thereof.
The Company does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. The Company cautions that there is no assurance that the process will result in a transaction or, if a transaction is undertaken, as to the nature, terms or timing of such transaction.
Certain statements in this press release may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of PhosCan to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These forward-looking statements are made as of the date of this press release, and PhosCan assumes no obligations to update or revise them to reflect new events or circumstances.