VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 15, 2017) – Western Potash Corp. (TSX:WPX) (FRANKFURT:AHE) (the “Western”, “the Company”) is pleased to announce that it has obtained a final order from the Supreme Court of British Columbia (the “Final Order”) approving the corporate reorganization by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) with Western Resources Corp. (“Western Resources”). The Final Order, among other things, authorizes Western Resources to 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.
On March 9, 2017, in accordance with an interim order from the Supreme Court of British Columbia dated February 6, 2017, the Company held an annual and special meeting of the holders of common shares of Western Potash (the “Meeting”) where the shareholders were asked, among other things, to consider and pass a special resolution approving the Arrangement (the “Arrangement Resolution”). At the Meeting, the Arrangement Resolution was overwhelmingly approved by approximately 96.20 % of the votes of Western Potash shareholders present in person or represented by proxy at the Western Potash Meeting.
The Company anticipates that the Arrangement will close on or about March 31, 2017, subject to the satisfaction or waiver of all other conditions to the Arrangement.
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.
For more information on Western Potash Corp., please visit the Company’s website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Geoffrey Chang, Chairman and CEO
Cautions Regarding Forward-Looking Statements
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.