Sennen Closes $500,000 First Tranche Of Non-Brokered Private Placement
Vancouver, British Columbia, October 28th, 2016. Sennen Potash Corporation (“Sennen” or “the Company”) is pleased to announce that it has received clearance from the TSX Venture Exchange (“TSX-V”) to close the first tranche of the 20,000,000 unit non-brokered private placement at $0.10 per unit announced September 27th, 2016. The first tranche, 5,000,000 units which raises proceeds of $500,000 is subject to a 4 month hold period expiring on February 28th, 2017, in accordance with TSXV policies. There was no finders’ fee paid with respect to the first tranche of the private placement.
The Company also received conditional acceptance from the TSX-V for the entire private placement of 20,000,000 units priced at $0.10 per unit, comprising one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.15 per share for a period of five years. The Company intends to complete the final tranche of the private placement, with the same terms above and as disclosed in the news release dated September 27th, 2016. Finders’ fees may be payable on the final tranche in accordance with TSX Policy 5.1.
The funds raised will provide the Company with working capital requisite for the Monument potash property in which, the Company has a 100% interest, and to complete a revised NI 43-101 report for the project. Work on the Monument potash project will focus on the Six Shooter area of southeast Utah where the Johnson 1 well confirmed high grade potash mineralization of 46.1% KCl (29.1% of K2O) over a thickness of 6.3m in the Upper Bed of Cycle 18 of the Paradox formation. Highlights of results from the Johnson 1 well were provided in a news release by the Company dated January 15th, 2015 and are also available on the Company’s website.
For further information contact:
Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.