Potash Ridge Provides Updates on Canada Coal LOI
TORONTO, May 31, 2018 /CNW/ - Potash Ridge Corporation. (the "Company") (TSX:PRK) is pleased to provide this update in connection with its previously announced signing of a non-binding letter of intent ("LOI") with Canada Coal Inc. ("Canada Coal") for the acquisition of the of the Valleyfield Sulphate of Potash Project ("Valleyfield Project") located in Valleyfield, Quebec.
Despite best efforts, Potash Ridge and Canada Coal were not able to reach definitive terms in connection with a proposed transaction and accordingly both companies have allowed the LOI to expire.
Potash Ridge will now seek other potential buyers for the Valleyfield Project, while focusing on developing its Blawn Project in Utah.
"We remain confident that we will able to find a buyer for the Valleyfield Project given the continuing strong market for sulphate of potash," stated Andrew Squires, the Corporation's CEO.
On behalf of the Board of Directors
POTASH RIDGE CORPORATION
Andrew Squires
President & CEO
About Potash Ridge
Potash Ridge's strategy is to become a premier producer of sulphate of potash "SOP" in North America. The Corporation owns two SOP projects: the Blawn Mountain project in Utah that plans to produce SOP by processing an alunite material and the Valleyfield project in Quebec that plans to produce SOP through the Mannheim Process. Potash Ridge has a highly qualified and proven management team in place with significant financial, project management and operational experience to take projects into production.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE Potash Ridge Corporation
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