Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
IC Potash Corp. (TSX: ICP; OTCQX: ICPTF) (“IC Potash” or the “Company”) is pleased to report today that it has agreed to accept US$2.5 million under the proposed amendment in the strategic investment commitment by Cartesian Capital Group, LLC (“Cartesian”) of up to US$45 million, as previously announced. Cartesian agreed to make the strategic investments in IC Potash’s subsidiary, Intercontinental Potash Corp. (USA) (“ICPUSA”). The investment represents Cartesian’s continued support in the Ochoa project. To date Cartesian has funded US$17.5M into the development of the Ochoa project.
“The positive results of the independent Canadian National Instrument 43-101 compliant (NI 43-101) Preliminary Economic Assessment announced earlier this month have encouraged the continued investment in the Ochoa polyhalite deposit. The Ochoa project is a very strategic asset in the development of polyhalite in the United States,” IC Potash President and CEO Mehdi Azodi, stated.
About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash (“SOP”) from its 100%-owned Ochoa polyhalite deposit in Southeast New Mexico and is currently examining ways to become a low-cost fertilizer producer. The current review IC Potash’s existing feasibility study is being extended to determine a viable positive economic path to the production of direct application polyhalite. The Ochoa project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. IC Potash’s land holdings consist of nearly 90,000 acres of federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
About Cartesian Capital Group
Cartesian Capital Group, LLC is a global private equity firm with proven expertise in assisting closely-held companies to expand internationally. Cartesian manages more than $2.4 billion in capital and has offices in New York, Sao Paulo, Shanghai, Warsaw, and Bermuda.
