American Potash Corp. (the Company) (AMP:CSE) is pleased to announce that is has completed shares for debt agreements totalling $81, 001.71 with arms length and non-arm’s length creditors through the issuance of 1, 012, 521 common shares of the Company (Debt Shares) at a deemed issuance price of $0.08 per common share. 767, 125 of the Debt Shares will be issued to non-arms length parties.
The Company will also issue 75, 000 common shares of the Company (Bonus Shares) pursuant to an employment agreement with the Companys President Mike Sieb. Following the issuance of the Debt Shares and Bonus Shares, the Company will have an estimated 64, 260, 419 outstanding common shares.
The Company also announces the resignation of Mr. John Proust as a Director of the Company. The Company would like to thank Mr. Proust for his service to the Company and its shareholders during his tenure and wish him the best in his other endeavours.
About the Company
American Potash Corp. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, holds certain State potash leases and approval of certain federal potash prospecting permits in the State of Utah that constitute the Green River Potash Project, host to a significant potash Exploration Target.
On behalf of the Board of Directors
Mike Sieb, President
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITYFOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed forward-looking statements. The use of any of the words anticipate, continue, estimate, expect, may, will, would, project, should, believe and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Companys disclosure documents which can be found under the Companys profile on www.sedar.com.