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BRIEF-Encanto Potash secures commitment for C$100 mln funding facility

Published 2017-09-20, 09:21 a/m
Updated 2017-09-20, 09:30 a/m
© Reuters.  BRIEF-Encanto Potash secures commitment for C$100 mln funding facility

Sept 20 (Reuters) - Encanto Potash Corp EPO.V :

* Has secured a commitment for a CAD $100 million funding facility

* Under funding agreement GEM Investments America, LLC and GEM Global Yield LLC SCS undertake to invest up to CAD $100 million over next 3 years

* Proceeds will be used to commence engineering, design phase of mine in anticipation of a shovel-ready construction date of Sept 2019

* Upon a drawdown notice issued from company shares will be issued at a price 90% of market price subject to a $.05 per share minimum

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