Muskowekwan First Nations Investment
cnw
Trading Symbol: TSXV EPO.V
VANCOUVER, Dec. 9, 2011 /CNW/ - Encanto Potash Corp. ("Encanto" or the
"Company") (TSXV:EPO) (OTCQX:ENCTF) is pleased to report the closing of
its previously announced (see press release dated November 16, 2011)
non-brokered private placement of 12,940,000 units for aggregate gross
proceeds of $2,976,200. The proceeds will be used to provide the
Company with working capital for engineering studies, marketing and
general administrative expenses.
The investment was priced at $0.23 per unit, with each unit consisting
of one common share and one-half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire one common share
of the Company at an exercise price of $0.35 per common share until
December 9, 2014. All securities issued in connection with the private
placement will be subject to a hold period expiring on April 10, 2012.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange and OTCQX 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. Encanto's flagship
Muskowekwan First Nation property has a recent NI 43-101 resource
estimate containing 79.1 million tonnes of KCI grading 29.4% in the
Indicated resources category along with 60.5 million tonnes grading
29.7% in the Inferred resource category. These resources, based on the
solution mining method, may be increased substantially with the
addition of the Treaty Land Entitlement acreage. A Preliminary Economic
Assessment (PEA), based solely on the Indicated Resource estimate, was
released in August of 2011 and a further release of an expanded NI
43-101 compliant resource estimate is scheduled in 2012.
The technical content of this news release has been reviewed by Ross
Moulton, VP of Exploration for Encanto, a qualified person as defined
by NI 43-101.
For additional information about Encanto Potash Corp., please visit the
Company's website at http://www.sedar.com/">www.sedar.com.
