Intercontinental Potash Corp. Brings Civil Suit in Colorado to Set Aside Capital Call, Alleging Conflicts of Interests by Certain Directors of Intercontinental Potash Corp. (USA) Affiliated with Ca...

ID: 1506592
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(Thomson Reuters ONE) -






DENVER, May 30, 2017 (GLOBE NEWSWIRE) -- Intercontinental Potash Corp., a
subsidiary of IC Potash Corp. (TSX:ICP) (OTCQB:ICPTF) ("IC Potash" or the
"Company") filed a civil lawsuit in Denver County District Court, Colorado,
against Intercontinental Potash Corp. (USA), a Colorado corporation, Pangaea Two
Acquisition Holdings XI, LLC, and Pangaea Two Acquisition Holdings XIB, LLC.
Intercontinental Potash Corp., Pangaea Two Acquisition Holdings XI, LLC, and
Pangaea Two Acquisition Holdings XIB, LLC are the shareholders of
Intercontinental Potash Corp. (USA), a development-stage producer of potassium
sulfate, a speciality fertilizer for high-value crops in arid or saline soil
environments.

Through the Colorado lawsuit, Intercontinental Potash Corp. has requested that
the Colorado court set aside a "capital contribution call" in the amount of
$800,000, alleging that the "capital contribution call" was not properly
authorized by operative agreements, nor did it comply with Colorado law.
Intercontinental Potash Corp. further alleges that the "capital contribution
call" was pursued and improperly passed by certain directors of Intercontinental
Potash Corp. (USA), including Peter Yu and Paul Hong who are also principals of
Cartesian Capital Group, LLC, the manager of the two Pangaea entities named in
the lawsuit - both of whom allegedly had disclosed and undisclosed conflicts of
interest.

About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash ("SOP")
from the Ochoa polyhalite deposit in Southeast New Mexico in which it has an
interest and is currently examining ways to become a low-cost fertilizer
producer. The current review of the Ochoa project''s existing feasibility study
is being extended to determine a viable positive economic path to the production


of direct application polyhalite. The Ochoa project has access to excellent
local labor resources, low-cost electricity and natural gas, water, rail lines,
and the Port of Galveston, Texas. The Ochoa project''s land holdings consist of
nearly 90,000 acres of potassium prospecting permits and mining leases issued by
the U.S. Bureau of Land Management and State of New Mexico. For more
information, please visit www.icpotash.com.

Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking
statements that involve substantial known and unknown risks and uncertainties
and other factors which may cause the actual results, performance or
achievements of IC Potash to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements include statements that use forward-
looking terminology such as "may", "will", "expect", "anticipate", "believe",
"continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking statements include, without
limitation, statements regarding trends in the markets for Sulfate of Potash and
polyhalite, the timing for completion of an updated feasibility study by the
Company, the Company''s intention to investigate the feasibility of polyhalite
product production, the potential value of water resources and other statements
that are not historical facts. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of IC
Potash, including, but not limited to, changes in market trends, the completion,
results and timing of studies undertaken by IC Potash, risks associated with
mineral exploration and mining activities, the impact of general economic
conditions, commodity prices, industry conditions, dependence upon regulatory
and environmental approvals, the uncertainty of obtaining additional financing,
and risks associated with turning reserves into product. Readers are cautioned
that the assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be imprecise and,
as such, undue reliance should not be placed on forward-looking statements.

For More Information, Please Contact:
IC Potash Corp.
Mr. Mehdi Azodi, +1-416-779-3268
Chief Executive Officer
MAZODI(at)ICPOTASH.ORG






This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: IC Potash Corp. via GlobeNewswire






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Date: 05/30/2017 - 16:00
Language: English
News-ID 1506592
Character count: 2163
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Firma: IC Potash Corp.
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