TransactionsIC Potash Closes $15 Million Private PlacementPublished: 09/20/2010 By Jennifer Campbell, Jay Goldman, Philip Long On September 16, 2010, IC Potash Corp. (ICP) closed a private placement of 37,500,000 units at $0.40 per unit to raise aggregate gross proceeds of $15,000,000. Each unit is comprised of one common share of the IC Potash and one-half of one common share purchase warrant, with each whole common share purchase warrant exercisable to acquire one additional common share at an exercise price of $0.65 per share until September 15, 2013. Pursuant to the private placement, Resource Capital Fund V L.P. purchased 25,000,000 units as a result of which Resource Capital Fund is now the largest shareholder of IC Potash and holds: (i) approximately 25.8% of the issued and outstanding common shares on a non-diluted basis; and (ii) approximately 28.6% of the common shares on a fully diluted basis. In connection with the private placement, IC Potash has paid fees to finders assisting in the private placement, including Clarus Securities Inc., Cormark Securities Inc., Mackie Research Capital Corporation, National Bank Financial Inc. and Wellington West Capital Markets Inc. Cassels Brock acted for IC Potash Corp. with a team that included Jay Goldman (Securities and Mining), Jennifer Campbell (Securities and Mining) and Philip Long (Securities). |