Company Profile
Potash North Resource Corporation is a junior resource company focused exclusively on the exploration, evaluation and development of 2 subsurface potash permit applications (KP416 and KP417) totaling 185,000 acres in the Saskatchewan Potash Basin, immediately adjacent to Mosaic and Potash Corp.’s producing Esterhazy operations and 45 KMs north of Potash Corp.’s Rocanville Mine. These permit application areas have been named the “Potash North Project.”
Historical drilling on the permit application areas has yielded encouraging results. Global potash production is currently dominated by a few majors who are running at or near full capacity. There have been no new potash mines on the prairies in almost 40 years.
As exploration and evaluation of the permit application areas are taking place, Potash North intends to adopt a “top down” approach, forming financial alliances with international buyers to maximize leverage for shareholders.
Event
On June 11, 2008 – the TSX Venture Exchange Daily Bulletin reported that the TSX Venture Exchange had accepted for filing documentation with respect to a Non-Brokered Private Placement announced May 12, 2008 by Potash North Resource Corp.
Details of the Private Placement
Number of shares: 24,000,000 flow-through shares
Warrants: 24,000,000 share purchase warrants to purchase 24,000,000 shares
Number of Placees: 80 placees
Purchase Price: $0.35 per share
Private Placement Participants
0783648 B.C. Ltd. (David Lyall) for 150,000 shares (Vice President of Institutional Trading and Sales, Director of Haywood Securities)
Seth Allen for 30,000 shares (used to be an Investment Advisor with Cannacord, not sure if he still is)
Peter M. Brown for 150,000 shares (Chairman and Director of Canaccord Capital)
William Burk for 75,000 shares (Head of Institutional Equity Trading at Salman Partners)
Tom English for 96,150 shares
Cal Everett for 100,000 shares (Institutional Sales with PI Financial Corp.)
Marko Ferenc for 10,000 shares
Raymond E. Flood for 175,000 shares (Director and Founding President of Ivanhoe Mines)
Matthew Gaasenbeek for 150,000 shares (Head of Capital Markets, North America for Canaccord Adams)
Colin Gibson for 300,000 shares
Darcy Higgs for 7,000 shares (Vice President of Retail Sales at Haywood Securities)
Hesham Magid for 65,000 shares
Tahani Abdel-Magid for 20,000 shares
Erminia Minicucci for 100,000 shares
Christian Owen for 100,000 shares
Kirsten Pejman for 75,000 shares
Potash One Inc. for 6,583,850 shares (needs no explanation – go to http://www.potash1.com/s/Home.asp for more information)
Rahim Rajwani for 30,000 shares
Warren Robinson for 100,000 shares
Colin Rothery for 60,000 shares
Sabina Saemann for 10,000 shares
Robert Sali for 1,000,000 shares (member of the board of directors of Vostok Nafta Investment Ltd - an investment company with the business concept of using experience, expertise and existing network to identify and invest in assets with considerable value growth potential, with the focus on Russia and the other CIS states and Chaired by Lukas H. Lundin)
Martin Tielker for 10,000 shares (Investment Advisor with Haywood Securities)
James P. Veitch for 100,000 shares
Ivano Veschini for 100,000 shares (Investment Advisor with Bolder Investment Partners)
[If anyone knows the significance or current occupational status of any of the names that I have not addressed, please leave a comment or send me an email]
Investment Risks
Without limitations, some of the risks include reserves and resource risk, development risks, permitting risks, off-take agreements, commodity price risks, geo-political risks, exchange rates, weather related impacts etc.
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