Encanto Potash Corp. announced that it has received CAD 7 million in funding.
On January 14, 2013, Encanto Potash Corp. closed the transaction. The debentures will mature on January 14, 2015. Individual investor Hamad Al-Wazzan subscribed for convertible debentures for gross proceeds of CAD 5,000,000. As a part of the transaction Hamad Al-Wazzan joined company's board of directors. The securities issued in the transaction are subject to a four month hold period. The transaction saw participation from three placees. The company paid a finder's fee of CAD 300,000 to Horgen Holdings Inc.