ICP also had news and is down 5 % .

IC Potash names Mitsubishi UFJ as financial adviser

2014-04-23 07:41 ET - News Release

Mr. Sidney Himmel reports

IC POTASH CORP. APPOINTS MITSUBISHI UFJ FINANCIAL GROUP AS FINANCIAL ADVISOR FOR THE OCHOA PROJECT

IC Potash Corp. has appointed Mitsubishi UFJ Financial Group, acting through its wholly owned banking subsidiaries, Bank of Tokyo-Mitsubishi UFJ Ltd. and Union Bank NA, as financial adviser for its 100-per-cent-owned sulphate-of-potash Ochoa project located in southeast New Mexico. MUFG will provide advice with respect to project financing, including both debt and equity. MUFG is one of the most active project finance banks in the world, covering a variety of industries, including mining. The bank has been the No. 1 project finance arranger in the Americas since 2009 and was recognized as Project Finance International's global bank of the year for 2013.

Sidney Himmel, president and chief executive officer of IC Potash, stated: "We are very pleased to be working with Mitsubishi UFJ Financial Group, one of the most active banks in the world for resource project finance, as we expand our business relationships with current strategic investors and look to additional funders. Our New Mexico sulphate-of-potash Ochoa project should provide a strong supply of SOP in a market where shortages have appeared. The current pricing of SOP continues to be excellent from the perspective of producers. We anticipate being one of the lowest-cost producers of SOP in the world."

MUFG will advise ICP in the development of financing plans, including the determination of appropriate commercial engineering contractual models, off-take arrangements, and equity and debt models. It will also provide banking due diligence with respect to capital costs, operating costs and pricing.

It is expected that lead arrangers for project finance will be selected by the third quarter of 2014. Other financing relationships may involve various export credit agencies, equipment leasing arrangements and mezzanine finance.