Today I got the following message ref WPX (I think it could be interesting for ELM too)
"VANCOUVER, June 2, 2013 - Western Potash Corp ("Western" or the "Company") (TSX: WPX) today announced that China BlueChemical Ltd. ("China Blue") (3983: HK) and Benewood Holdings Corporation Limited ("Benewood"), through a joint venture company, CBC (Canada) Holding Corp. ("CBCHC"), have agreed to make a strategic equity investment of C$ 31,979,022 in Western at a price of $0.71 per common share for a total of 45,040,876 newly issued common shares, which will result in CBCHC holding a 19.9% ownership stake in the Company on a non-diluted basis. The issue price represents a 15% premium over the 20 day volume weighted moving average. China Blue is a majority owned subsidiary of China National Offshore Oil Corporation ("CNOOC"), the largest offshore oil and gas producer in China. Benewood is a wholly owned subsidiary of GUOXIN International Investment Corporation Limited, a financial investment company registered in Hong Kong ("Guoxin").
Mr. Patricio Varas, CEO of Western commented, "This investment is a testament to CBCHC's confidence in the positive business climate in Saskatchewan, the exceptional nature of the Milestone deposit and Western's team. Our strategic alliance with China Blue and Guoxin will provide Western with access to project financing, technical expertise in large-scale project construction and marketing channels for future potash sales." Click here to Read the Full News Release. Western Potash Corp. is a development stage potash company focused on building Canada's most efficient potash solution mine, with commercial production expected to commence, subject to financing, in 2016. The Company intends to develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner. A positive Feasibility Study for the Milestone Project was completed in December 2012, demonstrating robust project metrics. For more information on our Western Potash please visit the Company's website.
Sincerely, Angela Aydon Investor Relations"
K2P Price at posting:
40.5¢ Sentiment: Hold Disclosure: Held
