Western Resources Corp. and Vantage Chance Limited Signs Amended and Restated Subscription Agreement
Western Resources Corp. and Vantage Chance Limited Signs Amended and Restated Subscription Agreement
VANCOUVER, British Columbia, May 20, 2022 (GLOBE NEWSWIRE) -- Western Resources Corp. ("Western" or the "Company") (TSX: WRX) is pleased to announce that it has entered into an Amended and Restated Subscription Agreement (the "Amendment") originally signed on February 16, 2022 with Vantage Chance Limited ("Vantage"), in which Vantage has committed to make a strategic equity investment of C$80,000,000 (the "Investment Transaction") in Western Potash Holdings Corp. ("WPHC"), a wholly owned subsidiary of the Company.
温哥華，不列顛哥倫比亞省，2022年5月20日(環球通訊社)--西部資源公司。(“西部”或“公司”)(多倫多證券交易所：WRX)本公司欣然宣佈，已於2022年2月16日與Vantage Chance Limited(“Vantage”)訂立經修訂及重訂的認購協議(“修訂”)，其中Vantage已承諾向本公司的全資附屬公司西部鉀肥控股有限公司(“西部鉀肥”)作出80,000,000加元的戰略股權投資(“投資交易”)。
| The Amendment includes, among others, the following two material changes: | ||||
| 1. | Subject to satisfaction or waiver of all closing conditions, the Investment Transaction will close in two tranches: | |||
| a. | on or before May 31, 2022, Vantage will purchase from WPHC and WPHC agrees to issue to Vantage 64,896,592 common shares at a purchase price of C$33,000,000; and | |||
| b. | on or before July 31, 2022 (the "Subsequent Closing Date"), Vantage will purchase from WPHC and WPHC agrees to issue to Vantage 92,428,479 common shares at a purchase price of C$47,000,000 (the "Subsequent Subscription"). | |||
| On Subsequent Closing Date, Vantage will be the registered and beneficial owner of an aggregate of 157,325,071 common shares of WPHC, representing 54% of the total issued and outstanding common shares in WPHC for total proceeds of $80,000,000.00. | ||||
| 2. | Within 180 days after the Closing of the Subsequent Subscription, either of the Company or Vantage may elect to convert all of the 157,325,071 shares held by Vantage into 219,726,258 common shares of the Company, which will represent approximately 54% of the current total issued and outstanding common shares of the Company (the "Conversion Option"). There are no anti-dilution provisions which provide an adjustment for events for which not all securities holders are compensated for. | |||
| The exercise of Conversion Option will create a new control person of the Company. The conversion will be subject to the TSX approval and Western shareholders' approval. | ||||
| 除其他外，該修正案包括以下兩個重大變化： | ||||
| 1. | 根據所有成交條件的滿足或豁免，投資交易將分兩批完成： | |||
| a. | 在2022年5月31日或之前，Vantage將向WPHC購買，WPHC同意以33,000,000加元的收購價向Vantage發行64,896,592股普通股；以及 | |||
| b. | 於2022年7月31日(“隨後的截止日期”)或之前，Vantage將向WPHC購買，而WPHC同意以47,000,000加元的收購價向Vantage發行92,428,479股普通股(“後續認購”)。 | |||
| 在隨後的交易結束日，Vantage將成為WPHC總計157,325,071股普通股的登記和實益所有者，佔WPHC已發行和已發行普通股總數的54%，總收益為80,000,000.00美元。 | ||||
| 2. | 於隨後認購事項結束後180天內，本公司或Vantage可選擇將Vantage持有的全部157,325,071股股份轉換為本公司219,726,258股普通股，約佔本公司目前已發行及已發行普通股總數的54%(“換股權”)。對於並非所有證券持有人都得到補償的事件，沒有反稀釋條款對其進行調整。 | |||
| 轉換選擇權的行使將產生一個新的公司控制人。轉換將取決於多倫多證交所的批准和西方股東的批准。 | ||||
The Amendment will be available on SEDAR under the issuer profile of the Company at .
修訂將在SEDAR上公司的發行人簡介下提供，網址為。
Bill Xue, Western's Chairman and CEO stated, "We are pleased to see that the Vantage equity transaction is nearing completion. Following the recent closing of the first tranche of funding from Appian Capital (as set out in our recent news release dated May 16, 2022), the Investment Transaction greatly increases financial assurance of successful Milestone Project completion. I'm also impressed with Vantage's vision in agreeing to the Conversion Option, which ensures Western's full control over Western Potash Corp. and the Milestone Project, which is in the best interest of all shareholders of the Company. We look forward to working closely with our new partner in the future."
西部公司董事長兼首席執行官Bill Xue表示：“我們很高興看到Vantage的股權交易接近完成。在Appian Capital最近完成了第一批資金(如我們最近發佈的日期為2022年5月16日的新聞稿中所述)之後，這項投資交易極大地增強了對里程碑項目成功完成的財務保證。我還對Vantage同意轉換選項的遠見印象深刻，這確保了西部鉀肥公司對西部鉀肥公司和里程碑項目的完全控制，這符合該公司所有股東的最佳利益。我們期待着在未來與我們的新合作伙伴密切合作。
About Western Resources Corp.
Western Resources Corp. and the Company's wholly owned subsidiary Western Potash Corp. are constructing one of Canada's newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.
西部資源公司簡介
西部資源公司和該公司的全資子公司西部鉀肥公司正在建設加拿大最新、最具創新性、環境友好和資金效益高的鉀礦之一。預計這將是國際上第一個在地表不留有鹽尾礦的鉀礦，從而將用水量減少約一半，並顯著提高能源效率。該項目的成功完成將為進一步擴建奠定基礎。
ON BEHALF OF THE BOARD OF DIRECTORS
我代表董事會
Bill Xue
President and CEO
薛比爾
總裁兼首席執行官
Cautions Regarding Forward-Looking Statements
有關前瞻性陳述的注意事項
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
本新聞稿中包含的某些陳述屬於適用的加拿大證券法所指的前瞻性信息。前瞻性表述是指不是歷史事實的表述，一般但不總是以“預期”、“繼續”、“估計”、“預期”、“預期”、“打算”、“可能”、“將”、“項目”、“計劃”、“應該”、“相信”和類似的表述(包括負面變化)來確定，或者事件或條件“將”、“將”、“可能”、“可能”或“應該”發生。前瞻性陳述是基於管理層在作出這些陳述之日的意見和估計，它們會受到已知和未知的風險、不確定因素和其他因素的影響，這些因素可能會導致公司的實際結果與這些前瞻性陳述或前瞻性信息中明示或暗示的結果大不相同。儘管公司管理層試圖確定可能導致實際結果與前瞻性信息中包含的結果大不相同的重要因素，但可能還有其他因素導致結果與預期、估計或預期的不同。不能保證這些陳述將被證明是準確的，因為實際結果和未來事件可能與這些陳述中預期的大不相同。因此，讀者不應過分依賴前瞻性信息。除非依照適用的證券法，否則公司不承諾更新本文所述的任何前瞻性信息。
For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.
有關本新聞稿內容的更多信息，請聯繫公司祕書Simon Guo，電話：306-924-9378。
譯文內容由第三人軟體翻譯。