TORONTO, Oct. 13, 2017 (GLOBE NEWSWIRE) — IC Potash Corp. (TSX:ICP) (OTCQB:ICPTF) (“IC Potash” or the “Company”) is pleased to announce that at its special meeting on October 12, 2017 over 50% of shareholders attended in person or by proxy and a special majority of voting shareholders (the “Company Voting Shareholders”), have approved the special resolution (the “Settlement Resolution”) authorizing the transfer all of the issued and outstanding common shares of Intercontinental Potash Corp. (USA) (“ICP(USA)”) back to ICP(USA) in return for up to US$15 million in accordance with the terms and conditions of the Definitive Agreement as outlined in the Circular (the “Settlement”). The Company will now proceed towards completing the Settlement in accordance with the terms of the Definitive Agreement. The Company anticipates closing by October 16, 2017.
The Settlement Resolution was approved by 99.54% of the 119,884,879 votes cast by Company Voting Shareholders, present in person or represented by proxy at the special meeting of shareholders held on October 12, 2017 (the “Meeting”). The Company has therefore satisfied its shareholder approval requirements in respect of the Settlement Resolution, being approval by not less than 66⅔% of the votes cast by Company Voting Shareholders.
“The strong voting support in favour of the Settlement clearly demonstrates that the shareholders recognize this important opportunity to move forward,” said Mehdi Azodi, President and CEO of IC Potash.
Company Voting Shareholders also approved resolutions to re-approve the Stock Option Plan of the Company (the “Stock Option Plan Resolution”), to ratify and approve the amendment to By-law no. 1 to permit uncertificated shares (the “By-law Amendment Resolution”), and the special resolution approving the amendment of articles of incorporation of the Company to change the name of the Company from “IC Potash Corp.” to such other name as the Board of Directors, in its sole discretion, deems appropriate (the “Name Change Resolution”). The Stock Option Plan Resolution was approved by 98.34%, the By-law Amendment Resolution was approved by 98.55%, and the Name Change Resolution was approved by 99.25% of the 119,884,879 votes cast by Company Voting Shareholders, present in person or represented by proxy at the Meeting. The Company has therefore satisfied its shareholder approval requirements in respect of each of the Stock Option Plan Resolution, the By-law Amendment Resolution, and the Name Change Resolution, being approved by not less than 50.01%, 50.01% and 66⅔% respectively. In addition, the Company has confirmed that no shareholders exercised dissent rights in connection with the Settlement Resolution.
About IC Potash
IC Potash intends to develop a diversified portfolio of investments and interests with an initial focus on organic fertilizers and resource assets. IC Potash will have two subsidiaries; ICP Organics, a subsidiary focused on research and development and investment in the fertilizer and cannabis sectors, and a second to be formed in 2018 to further accommodate the new ventures being investigated. ICP Organics will be focused on the development of various fertilizers which are USDA Certified Organic and will have a multidisciplinary mandate through engineering and health sciences viewpoints. ICP Organics will conduct research on the impact of organic fertilizers on the yield and medicinal properties of cannabis to develop products that can be sold to cannabis growers. Research and development and manufacturing of crop nutrients, bio-fertilizers, bio-pesticides and spray adjuvants will be done in a safe, environmentally friendly and cost-effective manner.
IC Potash intends to establish joint R&D partnerships with Canadian Licensed Cannabis Producers and cannabis producers in the United States to test the organic fertilizer assets, products, and concepts being sourced and/or developed by IC Potash. IC Potash has made a small equity investment in a Canadian Licenced Producer building medical cannabis operations in Columbia focused on branding low-cost / high-quality pharmaceutical cannabis products. As IC Potash grows, it plans to build a diversified portfolio in dispensary operations and commercial-scale cannabis cultivation, product formulation and pharmaceutical-grade testing.
IC Potash’s growth strategy is to expand its business through market expansion and product diversification and create competitive advantage by developing a comprehensive distribution chain and strong relationships with growers.
The Company will also make investments in various private and public companies from time to time and will continue to expand its portfolio as opportunities arise that offer attractive returns. IC Potash will continue to seek out synergistic sectors in which to expand its business through a formally developed investment strategy.
For more information, please visit www.icpotash.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of IC Potash to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding planned investment activities, trends in the markets for fertilizers and medicinal or recreational use of cannabis, the timing or assurance of the legalization of recreational cannabis, the timing for completion of research and development activities, the potential value of royalties from water and other resources, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IC Potash, including, but not limited to, changes in market trends, the completion, results and timing of research undertaken by IC Potash, risks associated with resource assets, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory, environmental, and governmental approvals, the uncertainty of obtaining additional financing, and risks associated with cannabis use for medicinal or recreational purposes. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For More Information, Please Contact:
Mehdi Azodi, IC Potash, President & CEO, 416 779 3268, firstname.lastname@example.org