TORONTO, Jan. 10 /PRNewswire/ - IC Potash Corp. ("ICP" or the "Company") (TSXV: ICP,OTCQX: ICPTF) announced today that its common shares have commenced trading on OTCQX International, the highest tier of the OTC market in the United States, under the symbol "ICPTF", on January 7, 2011. ICP's common shares will continue to trade on the TSX Venture Exchange under the symbol "ICP".
ICP expects to benefit from being listed on OTCQX alongside many internationally respected corporations by gaining greater exposure and liquidity in the United States, where the Ochoa Sulphate of Potash New Mexico project is located.
"We believe this listing will provide a convenient and transparent forum for United States investors to access ICP's growing market, and will provide widespread awareness of the Company's ongoing developments and progress," said Sidney Himmel, ICP's President and Chief Executive Officer. He continued: "Since the primary assets of the Company are located in the United States, listing the Company on the OTC facilitates greater ease of trading and expands our exposure to additional investors resident in the world's largest equity market."
Dorsey & Whitney LLP will serve as the Company's Principal American Liaison (PAL) on OTCQX, responsible for providing guidance on OTCQX requirements.
The OTCQX marketplace is the premier tier of the U.S. OTC market and provides a gateway to U.S. securities markets for international companies that are otherwise listed on qualified exchanges not resident in the United States. Only companies that have a substantial operating business and that provide credible, ongoing disclosure to the public are eligible for admission to OTCQX. Investor-focused companies use the quality controlled OTCQX listing platform to offer investors transparent trading, superior information, and easy access through their regulated U.S. broker-dealers. OTCQX is fully electronic and gives investors access through all major online and full-service brokerage firms in the United States, include Schwab, E*TRADE, Scottrade, TD Ameritrade, and Fidelity. Trades are settled and cleared in the United States and trade reports are disseminated publicly through financial data providers. Investors can view Real-Time Level 2 Quotes for all OTCQX companies in their web site www.otcqx.com providing access to detailed market data, including market depth.
About IC Potash Corp.
IC Potash intends to become a primary producer of Sulphate of Potash ("SOP") by mining its 100%-owned potash Ochoa property in New Mexico. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of Muriate of Potash ("MOP"). Typically SOP sells at a premium of 50% to MOP. ICP is focused on being the lowest cost producer of SOP in the world. The SOP market is six million tonnes per year. SOP is a significant fertilizer in the fruit, vegetable, tobacco, potato, and horticultural industries, and for agriculture in saline and dry soils and soils in which there is much agriculture with varieties of crops. Much of the agricultural soil in China, India, and the United States is salty. ICP's Ochoa property consists of over 100,000 acres of federal subsurface potassium prospecting permits and State of New Mexico Potassium mining leases.
Forward-Looking Statements and Information
This press release contains forward-looking statements within the meaning of the United States securities law and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that ICP expects or anticipates will or may occur in the future, are forward-looking statements and forward-looking information. When used in this press release, the words "optimistic", "potential", "indicate", "expect", "intend", "hopes," "believe," "may," "will," "if, "anticipate" and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ICP to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors are discussed under the headings "Uncertainty of Forward-Looking Statements" and "Risk Factors" in ICP's Annual Information Form, dated April 15, 2010, filed with the Canadian Securities Administrators and available at www.sedar.com. ICP has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, ICP assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.
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.
SOURCE IC Potash Corp.