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TORONTO, ONTARIO--(Marketwired - July 21, 2014) - Organic Potash Corporation (CSE:OPC) ("OPC" or the "Corporation") announced today that it secured executed term sheets on June 24, 2014, for advances totalling $2.1 Million U.S. Dollars via the issuance of convertible debentures for the purpose of completion of its new potassium carbonate manufacturing facility in Tema, Ghana (the "Debentures"). The term sheets were received from three investment groups from the People's Republic of China. The terms of the Debentures are five year first priority debentures bearing 5% interest annually. The funds will be advanced in four draws, twenty days apart. No interest will be calculated or payable until six months after the date of the last advance and the Company has the option to convert the interest payments to common shares. All conversions for the Debentures are at 0.06 cents U.S. dollars per share. OPC shall create a new voting Class "A" Special share, non-participating, non-dividend bearing, cancellable on default, redemption or conversion of the Debentures in whole or in part. The Debenture holders shall be granted the new Class "A" Shares equal to the funds advanced divided by 0.06 cents U.S. dollars per share. The Debenture holders will be granted two Board positions and one position on the audit committee. |
