VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 10, 2017) - Western Potash Corp. (WPX.TO)(AHE.F) ("Western Potash", the "Company") is pleased to announce that its shareholders have approved all items put before them at the Company's annual and special meeting held on March 9, 2017 (the "Meeting"). The items approved include:
- KPMG LLP, Chartered Accountants, was appointed as an auditor at a remuneration to be fixed by the directors;
- The number of directors of the Company has been fixed at six (6); and
- Geoffrey Chang, Bill Xue, Xia Qinglong, Patrick Power, Zheng Mianping and Buddy Doyle have been elected to the Board.
- The special resolution ("Arrangement Resolution") authorizing the Arrangement (defined below) was approved by 315,444,903 votes, representing approximately 96.20 % of the votes of Western Potash shareholders present in person or represented by proxy at the Western Potash Meeting. The shareholders of Western Potash who participated in the vote represented approximately 69.10 % of all issued and outstanding shares of Western Potash entitled to vote on the Arrangement Resolution.
As previously disclosed on February 1, 2017, Western Potash has entered into an arrangement agreement (the "Arrangement Agreement") with Western Resources Corp. ("Western Resources"), a British Columbia corporation created by Western Potash, to carry out a corporate reorganization by way of a plan of arrangement ("Arrangement"). Under the Arrangement, Western Resources will acquire all of the issued and outstanding common shares of the Company on the basis of 0.2 of a Western Resources common share for each one (1) Western Potash common share. The completion of the Arrangement will result in Western Resources becoming the TSX-listed successor company to Western Potash.
Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the Arrangement, including the final approval of the British Columbia Supreme Court. The hearing for the final order of the British Columbia Supreme Court to approve the Arrangement is scheduled to take place on March 15, 2017. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, the Company anticipates that the Arrangement will close on or about March 31, 2017.
Further details regarding the Arrangement are set out in the management information circular of Western Potash dated February 7, 2017, which is available on SEDAR under the Company's issuer profile at www.sedar.com.
About Western Potash Corp.
Western Potash Corp. is a development stage potash company focused on building Canada's most efficient potash solution mine. The Company intends to develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner. For more information on Western Potash Corp.'s projects, please visit the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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.