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OPC Organic Potash Corp

0.005
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Organic Potash Corp CSE:OPC CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.005 0.005 0.01 0 21:01:10

Organic Potash Corporation Announces Signing of Term Sheets to Issue USD $2.1 Million in Convertible Debentures Term Sheets

21/07/2014 5:19pm

Marketwired Canada


Organic Potash Corporation (CSE:OPC) ("OPC" or the "Corporation") announced
today that it secured executed term sheets on June 24, 2014, for advances
totalling $2.1 Million U.S. Dollars via the issuance of convertible debentures
for the purpose of completion of its new potassium carbonate manufacturing
facility in Tema, Ghana (the "Debentures"). The term sheets were received from
three investment groups from the People's Republic of China. The terms of the
Debentures are five year first priority debentures bearing 5% interest annually.
The funds will be advanced in four draws, twenty days apart. No interest will be
calculated or payable until six months after the date of the last advance and
the Company has the option to convert the interest payments to common shares.
All conversions for the Debentures are at 0.06 cents U.S. dollars per share. OPC
shall create a new voting Class "A" Special share, non-participating,
non-dividend bearing, cancellable on default, redemption or conversion of the
Debentures in whole or in part. The Debenture holders shall be granted the new
Class "A" Shares equal to the funds advanced divided by 0.06 cents U.S. dollars
per share. The Debenture holders will be granted two Board positions and one
position on the audit committee.


The issuance of the Debentures remain subject to final due diligence by the
investors, execution of Debenture agreements, regulatory approval, and an
agreement with current debenture holders agreeing to a second position of
security over the assets of the Corporation.


Mrs. Welner, President, CEO and Chairwoman Stated: "We are very happy that after
months of negotiations we were able to finalize terms that benefit all parties.
This will allow OPC to move forward in achieving its certifications, achieving
its goal of profitable production, and contributining to an increase in
shareholder value."


About Organic Potash Corporation

Through its proprietary patented technology, Organic Potash Corporation produces
99%+ pure potassium carbonate (potash) from the ash of agricultural waste, in
particular, cocoa husks. The purity of the company's potassium carbonate will
allow Organic Potash Corporation to target multiple industries including the
Agricultural and Pharmaceutical industry. Organic Potash Corporation is
headquartered in Toronto, Ontario and its shares trade on the Canadian National
Stock Exchange under the trading symbol "OPC". For further information, please
visit the company website at www.organicpotash.com.


Forward-Looking Statements

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. The forward-looking statements
contained herein are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included in this document are made as
of the date of this document and the Corporation disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly
required by applicable securities legislation. Although Management believes that
the expectations represented in such forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be correct. This
news release does not constitute an offer to sell or solicitation of an offer to
buy any of the securities described herein and accordingly undue reliance should
not be put on such. Neither the CSE nor its Regulation Services Provider (as
that term is defined in the policies of the CSE) accepts responsibility for the
adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Organic Potash Corporation
Mrs. Heather Welner
President and CEO
(905) 452-8060
heather.welner@organicpotash.com
www.organicpotash.com

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