Western Potash Corp. Obtains Interim Order for Plan of Arrangement
February 7, 2017, Vancouver, BC – Western Potash Corp. (WPX: TSX) (FSE: AHE) (the “Western”, “the Company”) today announced that it has obtained an interim order from the Supreme Court of British Columbia (the "Interim Order") in connection with the corporate reorganization by way of plan of arrangement (the "Arrangement") with Western Resources Corp. ("Western Resources") announced on February 1, 2017. The Interim Order, among other things, authorizes Western Potash to call and hold an annual and special meeting of the holders of common shares of Western Potash (the "Meeting") to approve the previously announced Arrangement under the Business Corporations Act (British Columbia). In accordance with the Interim Order, the Meeting will be held on March 9, 2017 at the offices of Western Potash, Suite 1400, 1111 West Georgia Street, Vancouver, British Columbia, at 10:00 a.m. (local time).
Under the Arrangement, Western Resources will acquire all of the issued and outstanding common shares of the Company on the basis of 0.2 of a Western Resources common share for each one (1) Western Potash common share, subject to the terms and conditions of the Arrangement Agreement. The completion of the Arrangement will result in Western Resources becoming the TSX-listed successor company to Western Potash, and Western Potash becoming the wholly-owned subsidiary of Western Resources.
The hearing date for the application for the final order of the Court (the "Final Order") has been scheduled for March 15, 2017. If all necessary approvals are obtained and the conditions to completion of the Arrangement are satisfied or waived, Western Potash expects that the Arrangement will close in March 2017.
The record date for determining the shareholders entitled to receive notice and to vote at the Meeting has been fixed to be the close of business on January 27, 2017. All shareholders are encouraged to vote in person or by proxy at the Meeting. Western Potash intends to mail the Notice of Meeting and the Management Information Circular, together with a letter of transmittal and a form of proxy to Western Potash shareholders of record early next week. The Meeting materials will be available on SEDAR at www.sedar.com under Western Potash's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.