WELLINGTON, New Zealand,
Feb. 27, 2019 /CNW/ - Chatham Rock
Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the
"Company") wishes to clarify the proposed amendments to the
Company's outstanding share purchase warrants announced in its news
release dated February 15,
2019. In addition to the warrants set out in the February 15, 2019 news release, the proposed
warrant amendments will also include an additional 486,368 share
purchase warrants that were issued in January 2018 (the "January
2018 Warrants").
January 2018 Warrants
Pursuant to a private placement completed by the Company in
January 2018, the Company issued the
January 2018 Warrants which are
exercisable at a price of $0.45 per
common share and expire on January
24, 2020. The Company proposes to extend the expiry
date of the January 2018 Warrants
from January 24, 2020 to January 24, 2023, being five years from the date
of issuance of the January 2018
Warrants. None of the January
2018 Warrants have to date been exercised.
All of the proposed amendments to the January 2018 Warrants and the warrants referenced
in the February 15, 2019 news release
are subject to the acceptance of the TSX Venture Exchange.
Change of Private Placement Closing Date
We also wish to advise that the closing date of the current
Private Placement Offer is being extended to 21 March. The reason
for this extension is primarily due to the Company's attendance at
and active participation in the PDAC conference in Toronto in the first week of March which will
be followed up by investor presentations in London, Munich and Zurich.
About Chatham Rock Phosphate
Chatham Rock Phosphate is the custodian of New Zealand's only material resource of
ultra-low cadmium, environmentally friendly pastoral phosphate
fertiliser. Our key role is connecting the resource with
those who need it.
The resource represents one of New
Zealand's most valuable mineral assets and is of huge
strategic significance because phosphate is essential to maintain
New Zealand's high agricultural
productivity.
New Zealand's current access to
phosphate is vulnerable to economic and political events in the six
countries controlling 98% of the world's phosphate reserves, with
85% of the total in the Western Saharan state of Morocco.
Chatham takes very seriously
the responsibility vested in it through its granted mining permit
to use the world's best knowledge and technology to safely extract
this resource to help sustainably feed the world.
Our initial environmental consenting process independently
established extraction would have no significant impact on fishing
yields or profitability, marine mammals or seabirds.
Our project ticks all the boxes: environmental, health, ethical,
security of supply, economic, regional development, rare earths and
other green minerals:
- Our rock is a proven reactive phosphate rock. Using it
results in much less run-off into waterways and an improved soil
profile compared with the effects of manufactured fertilisers;
- It is an organic fertiliser with no additives and with the only
processing being grinding and possible pelletisation;
- It contains ultra-low levels of cadmium, a cancer-causing heavy
metal with much greater concentrations in other rock phosphate
deposits;
- Being locally sourced and needing to be applied less frequently
results in much lower carbon emissions (in effect increasing the
present NZ electric vehicle fleet from 10,000 to 29,000
vehicles);
- It is New Zealand's only
significant source of phosphate and seabed extraction involves a
far smaller environmental impact than that imposed on local
overseas communities which mine phosphate;
- The rock is located within one day's sailing distance and
supply is far more secure (and more ethical) than phosphate rock
imported from unstable regions on the other side of the world;
- The project economics are attractive and Chatham will pay significant royalties and
income taxes;
- The project will generate new jobs in environmental monitoring,
on the mining ship, in the home port and in the science and
agricultural sectors; and
- Chatham rock phosphate has
been independently shown to be as effective as other phosphate
fertilisers used in New Zealand.
We could provide the two fertiliser co-ops supplying most of
New Zealand's fertiliser with a
green fertiliser alternative to naturally complement their other
products.
Neither the Exchange, its Regulation Service Provider (as
that term is defined under the policies of the Exchange), or NZX
Limited has in any way passed upon the merits of the Transaction
and associated transactions, and has neither approved nor
disapproved of the contents of this press release.
SOURCE Chatham Rock Phosphate