Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, March 23, 2012 /CNW/ – Verde Potash Plc (TSX-V: NPK) (“Verde” or the “Company”) is pleased to announce that it has completed its previously announced bought deal offering of ordinary shares (the “Shares”) at a price of $6.45 per Share. Underwriters GMP Securities L.P. and Mackie Research Capital Corporation elected to exercise the over-allotment option in full, resulting in a total of 4,457,364 Shares being issued today by the Company for gross proceeds of approximately $28,750,000.
The Company intends to use the net proceeds of the offering to complete the feasibility study at its wholly-owned Cerrado Verde project (“Cerrado Verde”) located in Minas Gerais State, Brazil, for general working capital purposes and for other Company expenditures in the normal course of business. With this financing, the Company expects to be fully funded through the feasibility study phase. The offering included the participation of a strategic Latin American investor with expertise in the fertilizer and farming sectors.
The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Verde Potash
Verde is a fertilizer exploration and development company; it was founded and is led by Brazilians. Verde is developing the Cerrado Verde project in Brazil, a source of potash-rich rock from which the Company plans to produce a potash fertilizer product. Founded as Amazon Mining Holding Plc in 2005, the Company changed its name to Verde Potash Plc in April 2011 to better reflect its core business.
About the Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock outcrops and is amenable to strip mining, allowing fast construction of a scalable operation; 2) it is located in the midst of the world’s third largest and fastest growing fertilizer market; 3) it connects to Brazil’s largest fertilizer distribution districts via existing and high quality infrastructure.
