Western Potash inks C$85 million six-year term loan via Appian

By William Gullotti

Buffalo, N.Y., April 29 – Western Resources Corp. wholly owned subsidiary Western Potash Corp. entered into an C$85 million term loan facility with Appian Capital Advisory LLP on April 28, according to a press release on Friday.

The financing transaction will enable Western Potash to complete the remaining construction and development of its milestone phase I project, its Sask., Canada-based MOP potash project.

The facility has a six-year term and a 12.5% interest rate.

Appian in return will receive a 1.5% royalty on the gross revenue of the project after completion.

Western Resources also issued 20,774,030 warrants for Appian to acquire up to 9.9% of Western Resources’ issued and outstanding common shares. The exercise price is at a 25% discount to the five-day volume-weighted average price on April 28.

Based in Vancouver, B.C., Western Potash is a mineral exploration company with properties in Southwest Manitoba and Southern Saskatchewan.

Appian Capital is a London-based investment advisor focused on the metals and mining industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.