Sage Potash Shares to Resume Trading

Sage Potash Corp. (TSXV: SAGE) (OTC: SGPTF) announces the resumption of trading for its common shares on the TSX Venture Exchange on September 11, 2024, at 8 a.m. EST.

Rhea-AI Summary

Sage Potash Corp. (TSXV: SAGE) (OTC: SGPTF) announces the resumption of trading for its common shares on the TSX Venture Exchange on September 11, 2024, at 8 a.m. EST. The trading halt, initiated on September 9, was due to the TSXV's review of the company's $12.6 million equipment purchase from a subsidiary of International Process Plants as a 'Fundamental Acquisition'.

Sage Potash also reported a non-brokered private placement of 37.6 million common shares at $0.20 each, raising $7.52 million, and convertible debentures worth $3.78 million. The total gross proceeds of $11.3 million will fund the equipment purchase and related expenses. The private placement and purchase agreement are subject to TSXV acceptance, with securities issued under a four-month hold period.

Positive

• Resumption of trading on TSX Venture Exchange
• Successful equipment purchase worth $12.6 million
• Raised $11.3 million through private placement and convertible debentures

Negative

• Trading halt due to TSXV review of equipment purchase
• Potential dilution of existing shareholders due to new share issuance

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News Market Reaction – SGPTF

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VANCOUVER, BC, Sept. 11, 2024 /PRNewswire/ - Sage Potash Corp. (TSXV: SAGE) (OTC: SGPTF) ("Sage" or the "Company") is pleased to announce that its common shares will resume trading on the TSX Venture Exchange ("TSXV") at 8 a.m. EST on September 11, 2024.

The shares were halted from trading on September 9, 2024, as a result of the TSXV's request to review the transaction between the Company and a subsidiary of International Process Plants ("IPP") as a "Fundamental Acquisition", as that term is defined under TSXV policies. The Company's purchase of equipment from IPP for $12.6 million was previously reported in a news release dated September 9, 2024.

In the same news release, the Company announced a non-brokered private placement (the "Private Placement") of 37.6 million common shares at $0.20 each for gross proceeds of $7.52 million and convertible debentures with an aggregate principal amount of $3.78 million. The gross proceeds of the Private Placement of $11.3 million will be used to satisfy the obligations under the Purchase Agreement and for equipment-related purposes such as packing, logistics, modifications, interest and general working capital.

The Private Placement is integral to the proposed transactions under the Purchase Agreement and thus the Company will be relying on the "part and parcel pricing exception" provided for in the policies of the TSXV.  The Private Placement and transactions contemplated under the Purchase Agreement are subject to acceptance by the TSXV.  All securities issued under the Private Placement and the Purchase Agreement will be subject to a hold period of four months.

This news release follows the news release on September 9 2024 "Sage Potash Announces Equipment Purchase And Financing."

About Sage Potash Corp.

Sage Potash is a Canadian company vested solely in the Sage Plain Property and intends through sustainable solution mining techniques to become a prominent domestic potash producer within the Paradox Basin situated in Utah. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at info@sagepotash.com.

On Behalf of the Board of Directors,
Peter Hogendoorn
CEO & Executive Chairman
(604) 764-2158
Website: www.sagepotash.com

Neither the 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 release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

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SOURCE Sage Potash Corp.

FAQ

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When will Sage Potash Corp. (SGPTF) resume trading on the TSX Venture Exchange?

Sage Potash Corp. (SGPTF) will resume trading on the TSX Venture Exchange on September 11, 2024, at 8 a.m. EST.

What was the reason for the trading halt of Sage Potash Corp. (SGPTF) shares?

The trading halt was initiated on September 9, 2024, due to the TSXV's review of Sage Potash Corp.'s $12.6 million equipment purchase from a subsidiary of International Process Plants as a 'Fundamental Acquisition'.

How much did Sage Potash Corp. (SGPTF) raise through its private placement?

Sage Potash Corp. (SGPTF) raised a total of $11.3 million through a private placement, consisting of $7.52 million from common shares and $3.78 million from convertible debentures.

What will Sage Potash Corp. (SGPTF) use the proceeds from the private placement for?

Sage Potash Corp. (SGPTF) will use the $11.3 million proceeds to fund the equipment purchase and related expenses such as packing, logistics, modifications, interest, and general working capital.