ENCANTO COMPLETES DRILLING OF FIRST HOLE, BEGINS DRILLING OF NEXT TWO &
COMPLETES PREVIOUSLY ANNOUNCED FINANCING
Trading Symbol: | TSXV | EPO.V |
VANCOUVER, Oct. 20 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Company") reports the closing of its previously announced non-brokered private placement of 11,650,000 units for aggregate gross proceeds to the Company of $2,097,000. The net proceeds will be used to provide the Company with working capital for engineering studies, marketing and general administration costs.
The Offering was priced at $0.18 per Unit, each Unit consisting of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share of the Company at a price of $0.25 per common share on or before October 20, 2012.
All securities issued in connection with the Offering will be subject to a hold period expiring on February 21, 2011. A 5% cash finder's fee has been paid.
Encanto is pleased to also announce the completion of its first resource in-fill hole. The core has been logged by North Rim Exploration of Saskatoon and has been sent for analysis.
Encanto has also begun drilling the next two resource in-fill holes with current depths as of October 18th being 270 metres in one and 140 metres in the other. These holes are anticipated to be finished within two weeks. Both holes will be drilled to approximately 1,300 metres below surface.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange-listed Canadian resource company engaged in the exploration and development of potash properties in the Province of Saskatchewan, Canada, the largest producing region for potash in the world.
For additional information about Encanto Potash Corp., please visit the company website at www.encantopotash.com or review the documents filed on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Walchuck" | |
Per: | __________________ |
James Walchuck President and CEO |
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
James Walchuck President and CEO Tel: 604-683-2402 |
Brian Martin Vanguard Shareholder Solutions Tel: 604-608-0824 Toll Free: 1-866-918-0824 |
Share this article