CALGARY, AB / ACCESSWIRE / January 12, 2021 / On January 8, 2021, Loomac Management Ltd. acquired, pursuant to the conversion of a loan in the amount of $10,000 advanced by Loomac Management Ltd. to First Potash Corp. (the "Issuer"), 62,111,801 Units at a price of $0.000161 per Unit, each Unit consisting of one common share and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one additional common share at an exercise price of $0.000645 per share for a period of 60 months from the date of issue.
On January 11, 2021, Loomac Management Ltd. acquired, pursuant to private placements, beneficial ownership and control of 14,091,419 common shares at a price of $0.000161 per share and 27,490,341 common shares at a price of $0.000645 per share.
As a result of the above transactions, Loomac Management Ltd. now beneficially owns and controls a total of 103,693,301 common shares which represents 62.9758% of the issued common shares of the Issuer. If Loomac Management Ltd. exercises all the Warrants, it would beneficially own 165,805,102 common shares of the Issuer, which would represent approximately 73.1166% of the issued and outstanding common shares of the Issuer on a fully diluted basis.
Loomac Management Ltd. did not own any securities in the Issuer prior to the acquisitions referred to above.
The 62,111,801 Units were acquired by Loomac Management Ltd. pursuant to Section 2.42 of National Instrument 45-106 Prospectus Exemptions ("NI 45-106"); and the 14,091,419 common shares and the 27,490,341 common shares were acquired by Loomac Management pursuant to Section 2.5 of NI 45-106.
Loomac Management Ltd. acquired the Units pursuant to the loan conversion, and the common shares pursuant to the private placement, for investment purposes. Depending upon the circumstances, Loomac Management Ltd. may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of the securities of the Issuer.
The Early Warning Report will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under the Issuer's profile and can be viewed at www.sedar.com.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE REPORT REQUIRED BY SECURITIES REGULATIONS, PLEASE CONTACT:
Loomac Management Ltd.
President: Blaine McKearney
Telephone: (403) 251-7382
SOURCE: Loomac Management Ltd.