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Cartesian invests in IC Potash subsidiary

26th November 2014

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Cartesian Capital Group has made a $10-million strategic investment in project developer IC Potash (ICP) subsidiary Intercontinental Potash Corp USA (ICPUSA), which owns the Ochoa sulphate of potash project, in New Mexico.

Cartesian had acquired 500 000 class A preferred shares of ICPUSA at a price of $20 a share.

The preferred shares would accrue value through deferred dividends at a rate of 12% a year for two years. At the end of the two-year period, the preferred shares could be converted into 7.8% of the outstanding common shares of ICPUSA, or could be redeemed at the option of Cartesian.

Cartesian had the right to a 33% participation in future ICPUSA equity financings.

“We are extremely pleased that IC Potash and the Ochoa project have received this vote of confidence from Cartesian Capital Group. Cartesian is an internationally recognized private equity group, whose philosophy of value-added investing and world-class business development is consistent with ICP's goals for the Ochoa project,” commented ICP president and CEO Sidney Himmel.

“Global growth is driving long-term demand for sustainable fertilisers and efficient agricultural practices. In my view, ICPUSA – through development of the Ochoa project – will serve this need by becoming a leading low-cost producer of potassium sulphate. We are grateful for the opportunity to partner with ICPUSA, its management and its stakeholders,” added Cartesian founder and managing partner Dr Peter Yu, who would join the ICPUSA board.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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