The Company will be calling an annual and special meeting of its shareholders to consider and approve the transactions described in the MOU following the execution of all relevant definitive agreements, or if definitive agreements are not entered into on or before April 1, 2013 to consider and approve the wind-up of the Company.
The Company also announces the grant of 250,000 options to one of its directors pursuant to the Company's stock option plan. Each option entitles the holder to acquire a common share of EPC at a price of $0.10 per share for a period of five years.
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE: FED) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
On behalf of the Board of Directors
George Roach, CEO & Director
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur (including, but not limited to, the timing and extent of advances of the proceeds of the Loan to G&B, the expected use of proceeds and planned work program, the potential for and timing of the early exercise of the Option, the Danakil Joint Venture and the restructuring of outstanding debt, as well as the expected terms and conditions of each such transaction) are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, Danakil Corp. being unable to satisfy G&B's draw-down requests under the Loan, the failure to satisfy all conditions precedent within the requisite time, including (without limitation) the entering into of all necessary definitive agreements, obtaining the requisite third-party consents and regulatory and shareholder approvals, and changes in general economic conditions or conditions in the financial markets. Such forward-looking information is based on a number of assumptions, including but not limited to, the ability of the parties to fulfill their respective obligations under the Loan, the ability of the parties to negotiate and enter into definitive agreements, the parties being satisfied with their respective due diligence investigations, there are no material changes to the terms of any proposed transaction, completion of the planned work will result in an upgrade of the resource estimate on the property and no significant decline in existing general business and economic conditions. There can be no assurance that the Company will be successful in negotiating and entering into all definitive agreements or that the Option will be exercised or that the Danakil Joint Venture will be formed. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.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.
Ethiopian Potash Corp.
Chief Executive Officer and Director
+44 779 626 3999
Ethiopian Potash Corp.
Chief Financial Officer
416 907 5644
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