Western Potash Corp. Closes Second Tranche of Loan Transaction With Appian Capital Advisory LLP

Western Potash Corp. Closes Second Tranche of Loan Transaction With Appian Capital Advisory LLP

Western Potash Corp. is pleased to announce today that its wholly-owned subsidiary, Western Potash Corp. (“Western”), closed the second tranche, in the amount of US$31 million (C$41.6 million equivalent)  of its Cdn$85 million loan transaction with Appian Capital Advisory LLP (“Appian”), the terms of which were previously announced in the press release dated April 28, 2022.

The second tranche of funds from the loan transaction will be used by Western to finish the construction of the Milestone Phase 1 Project (the “Project”) and continue the development of the Project’s optimized mining plan. The construction of the processing plant for the Project is expected to be completed in early May, 2023, with plant production expected to be initiated in December 2023.   

Mr. Bill Xue, Western Potash Corp. CEO, commented, “We are pleased to have closed this final tranche of the loan with Appian. This will increase the financial stability sought by our contractors and suppliers which we expect will be beneficial for completing the Project in a timely and efficient manner.”

Bill Xue
Managing Director

Cautions Regarding Forward-Looking Statements

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.

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.