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ICL Itasca Capital Ltd

1.44
0.00 (0.00%)
07 Mar 2025 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Itasca Capital Ltd TSXV:ICL TSX Venture 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% 1.44 1.33 1.95 0 00:00:00

Israel Chemicals Ltd. Makes Investment in Allana Potash Corp.

12/02/2014 9:53pm

Marketwired Canada


Israel Chemicals Ltd. ("ICL") (TASE:ICL), a global unique minerals based
products producer that fulfills humanity's essential needs in the agriculture,
food and engineered materials markets, today announces that an indirect
wholly-owned subsidiary of ICL has acquired 22,577,001 units ("Units") of Allana
Potash Corp. ("Allana") at a price of $0.47 per Unit for an aggregate
subscription price of $10,611,190. Each Unit consisted of one common share (a
"Common Share") of Allana, one and one-half Series A Common Share purchase
warrant (the "Series A Warrants") and one-half of one Series B Common Share
purchase warrant (the "Series B Warrants", and together with the Series A
Warrants, the "Warrants"). As a result, ICL has acquired beneficial ownership of
22,577,001 Common Shares representing approximately 7.7% of the currently
outstanding Common Shares and Warrants to acquire 45,154,002 Common Shares.
ICL's investment in Allana (assuming the exercise of the Warrants) represents,
as of the date hereof, approximately 19.99% of the issued and outstanding Common
Shares on a partially diluted basis. Prior to the acquisition of the Units, ICL
did not beneficially own any securities of Allana.


The Units were acquired pursuant to a private placement share purchase agreement
dated February 12, 2014 (the "Share Purchase Agreement") as described in the
press release of Allana dated February 12, 2014. ICL acquired the Units as an
investment to provide funds to Allana to continue its development of its
Danakhil Potash Project located in Ethiopia. Concurrently, an affiliate of ICL
also entered into an offtake agreement with Allana and a subsidiary of Allana
relating to the Danakhil Potash Project. Subject to regulatory approval and
approval of the shareholders of Allana, ICL has also agreed to acquire an
additional 30,614,488 Units, the closing of which is anticipated to occur on or
about March 31, 2014. Subject to the provisions of the Share Purchase Agreement,
market conditions and other factors, ICL may acquire additional Common Shares in
the future.


This press release is being disseminated as required by Canadian securities
regulations in connection with the filing of an early warning report (the "Early
Warning Report") with the British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland
securities regulators containing information with respect to the foregoing
matters. A copy of the Early Warning Report will be filed shortly under Allana's
profile at www.sedar.com, and a copy thereof shall be promptly sent to anyone
who requests it from the person noted below.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Yechezkel Israel
+972-3-6844412

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