NASDAQ OMX

Intercontinental Potash Corp. Brings Civil Suit in Colorado to Set Aside Capital Call, Alleging Conflicts of Interests by Certain Directors of Intercontinental Potash Corp. (USA) Affiliated with Ca...

30.5.2017 22:00 | NASDAQ OMX

Dela

 

 

DENVER, May 30, 2017 (GLOBE NEWSWIRE) -- Intercontinental Potash Corp., a subsidiary of IC Potash Corp. (TSX:ICP) (OTCQB:ICPTF) ("IC Potash" or the "Company") filed a civil lawsuit in Denver County District Court, Colorado, against Intercontinental Potash Corp. (USA), a Colorado corporation, Pangaea Two Acquisition Holdings XI, LLC, and Pangaea Two Acquisition Holdings XIB, LLC. Intercontinental Potash Corp., Pangaea Two Acquisition Holdings XI, LLC, and Pangaea Two Acquisition Holdings XIB, LLC are the shareholders of Intercontinental Potash Corp. (USA), a development-stage producer of potassium sulfate, a speciality fertilizer for high-value crops in arid or saline soil environments.

Through the Colorado lawsuit, Intercontinental Potash Corp. has requested that the Colorado court set aside a "capital contribution call" in the amount of $800,000, alleging that the "capital contribution call" was not properly authorized by operative agreements, nor did it comply with Colorado law. Intercontinental Potash Corp. further alleges that the "capital contribution call" was pursued and improperly passed by certain directors of Intercontinental Potash Corp. (USA), including Peter Yu and Paul Hong who are also principals of Cartesian Capital Group, LLC, the manager of the two Pangaea entities named in the lawsuit - both of whom allegedly had disclosed and undisclosed conflicts of interest.

About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash ("SOP") from the Ochoa polyhalite deposit in Southeast New Mexico in which it has an interest and is currently examining ways to become a low-cost fertilizer producer. The current review of the Ochoa project's existing feasibility study is being extended to determine a viable positive economic path to the production of direct application polyhalite. The Ochoa project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. The Ochoa project's land holdings consist of nearly 90,000 acres of potassium prospecting permits and mining leases issued by the U.S. Bureau of Land Management and State of New Mexico. For more information, please visit www.icpotash.com.

Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of IC Potash to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding trends in the markets for Sulfate of Potash and polyhalite, the timing for completion of an updated feasibility study by the Company, the Company's intention to investigate the feasibility of polyhalite product production, the potential value of water resources and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IC Potash, including, but not limited to, changes in market trends, the completion, results and timing of studies undertaken by IC Potash, risks associated with mineral exploration and mining activities, the impact of general economic conditions, commodity prices, industry conditions, dependence upon regulatory and environmental approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

For More Information, Please Contact: 
IC Potash Corp.    
Mr. Mehdi Azodi, +1-416-779-3268 
Chief Executive Officer
MAZODI@ICPOTASH.ORG
 
 



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IC Potash Corp. via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Skriv in din e-postadress så får du ett mejl när vi har något nytt att berätta.

Senaste nyheterna från NASDAQ OMX

Scientific breakthrough on objective diagnosis of PTSD26.6.2017 16:51Pressmeddelande

Scientific breakthrough for non-invasive, automatic, objective diagnosis of PTSD leveraging autonomic biomarkers Accuracy of 80% (+/- 1%) for objectively diagnosing subjects with PTSD Medibio has exclusive worldwide rights to commercialise the technology SYDNEY, Australia and MINNEAPOLIS, June 26, 2017 (GLOBE NEWSWIRE) -- Australian Stock Exchange-listed medical technology company Medibio Limited (MEB or the Company) announces a new research study, conducted at Emory University, Atlanta GA and funded by Medibio, demonstrates that post-traumatic stress disorder (PTSD) can be accurately diagnosed using a non-invasive protocol involving heart rate data and machine learning algorithms. The research was based on technology developed at Emory University and licensed by Medibio. The research is described in a paper titled "Classification of post-traumatic stress disorder from heart rate vari

Informa's Annual Clinical and Research Excellence Awards Return for Third Year26.6.2017 16:48Pressmeddelande

BOSTON, June 26, 2017 (GLOBE NEWSWIRE) -- Informa's Pharma Intelligence has today announced that the third annual Clinical and Research Excellence (CARE) Awards are now open for nominations. Pharma Intelligence - the world's leading provider of clinical and research intelligence and analysis, and home of leading brands such as Scrip, Pink Sheet and Biomedtracker - will host the awards which recognize and celebrate outstanding achievements and stand-out performers in the global R&D space. Nominations for the CARE Awards are free and all submissions should be made via the online entry form available at www.clinicalresearchexcellence.com by December 23. All entries will be assessed by a panel of distinguished industry experts and the winners will be announced at the CARE Awards ceremony on April 25, 2018 at the Boston Harbor Hotel. "The success of last year's CARE Awards was testament to the original mission of the CARE Awards: to recognize the ex

Forterra Announces Definitive Agreement with Thompson Pipe Group26.6.2017 14:00Pressmeddelande

Thompson Pipe Group to Acquire Forterra's U.S. Concrete and Steel Pressure Pipe Assets Forterra to Acquire Thompson Pipe's Drainage Pipe & Products Manufacturing Facility with a Strategic Position in Houston Market IRVING, Texas, June 26, 2017 (GLOBE NEWSWIRE) -- Forterra, Inc. ("Forterra" or the "Company") (Nasdaq:FRTA), a leading manufacturer of water infrastructure pipe and products in the United States and Eastern Canada, today announced it has entered into a definitive agreement to sell the U.S. concrete and steel pressure pipe assets of its Water Pipe and Products business segment to Thompson Pipe Group. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2017.  Under the terms of the agreement, an affiliate of Thompson Pipe Group will acquire assets related to five Forterra manufacturing facilities and a fittings facility. Forterra will receive approximate

Nasdaq Closing Cross Calculates Russell US Indexes Reconstitution for the 14th Consecutive Year24.6.2017 01:52Pressmeddelande

A new record $28.9 billion traded at the closing cross in a Russell reconstitution NEW YORK, June 23, 2017 (GLOBE NEWSWIRE) -- Nasdaq (Symbol: NDAQ) today announced the Nasdaq Closing Cross was used for the 14th consecutive year to rebalance Nasdaq-listed securities in the entire family of  Russell US Indexes, part of leading global index provider FTSE Russell, during its annual reconstitution. More than 972 million shares representing a record $28.9 billion were executed in the Nasdaq Closing Cross in 0.861 seconds across some 2,499 Nasdaq-listed stocks. The previous record for dollars traded at the closing cross in a Russell reconstitution was $21.1 billion in 2015. "For the 14th consecutive year of partnering with FTSE Russell on the rebalance, we witnessed the advanced capabilities and market integrity of Nasdaq's INET technology platform resulting in transparent and efficient price discovery which benefits issuers and investors alike,&quot

LifeSci Advisors' Board Placement Initiative Announces Ninth Board Placement23.6.2017 17:52Pressmeddelande

NEW YORK, June 23, 2017 (GLOBE NEWSWIRE) -- LifeSci Advisors, a leading life sciences-focused investor relations consultancy, announced today the ninth placement of a female executive to a life sciences company board as part of their Board Placement Initiative (BPI), a program launched a year ago with the goal to connect female executives in the life sciences industry with companies looking for board candidates. LifeSci is pleased to share news of the appointment of Jean M. Franchi to the Board of Directors of Biophytis, a biotech company listed on Euronext Paris (ALBPS) focused on drugs that target diseases of aging, with drug candidates in clinical development for dry AMD and Sarcopenia. "I'm honored to join the Biophytis board, and look forward to helping the company achieve a more global presence as it advances its portfolio of innovative therapies addressing unmet needs associated with aging," said Ms. Franchi. "I want to extend my kind thanks to LifeSci

Fentress Architects Announces its Annual Student Global Challenge23.6.2017 09:00Pressmeddelande

6th edition invites students to re-envision the terminal building in the year 2075 Denver, Colorado, June 23, 2017 (GLOBE NEWSWIRE) -- Fentress Architects, based in Denver, Colorado, announces the 2017 Fentress Global Challenge, an international design competition for young and student architects. As in years past, the theme, consistent with the firm's expertise in airport design and aviation, is envisioning an airport of the future.  Participants are encouraged to re-envision the terminal building in the year 2075 using one of 10 existing international airports, taking into consideration local context, technological trends, and project feasibility and passenger experience. This is the sixth year that Fentress Architects has sponsored and administered the award, which brings a First Prize of $15,000 and a summer internship at Fentress' Denver office; four additional winners will receive smaller cash awards.

I vårt nyhetsrum kan du läsa de senaste nyheterna, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt nyhetsrum