Universal Potash Receives $1 Million Financing Commitment FOX ISLAND, WA, Dec 20, 2010 (MARKETWIRE via COMTEX) -- (pinksheets:UPCO) Universal Potash Corp, an acquisition driven exploration stage potash mining corporation dedicated to increasing shareholder value, is pleased to announce it has entered into an equity financing agreement for up to $1,000,000 from an international funding source. The Management of Universal Potash's principal focus with the availability of the new funding will be the acquisition of additional premium leasehold properties and the future development of these and our current properties and business interests.
"As the international demand for Potash steadily increases, the Global demand for our potential Potash production has focused the investment communities spotlight on Universal Potash Corp, and its successful bid for additional Potash Lease Applications for a total of 640 acres of prospective ground northwest of Moab in the Paradox Basin of Utah as well as our current Potash applications pending approval, covering a total of 29,000 acres. We are thrilled to have closed this equity financing agreement as it will allow us to fund the implementation of our operations and acquisitions strategy. In light of this new funding commitment all current acquisitions under consideration will be reviewed and prioritized to maximize future growth," stated Mr. Kevin Murphy, Universal Potash's CEO.
Under the terms of the agreement, Universal Potash has the right to call upon funds as needed. UPCO has received its first tranche which will be used for additional claim evaluations and operating expenses. United Potash Corp may draw up to $1,000,000 in total by issuing units consisting of one share of its common stock at $0.15 US and one common stock purchase warrant exercisable for the purchase of one additional share of common stock at $0.25 for the first 12 months and $0.50 if exercised by the end of the second year. The securities to be issued under the agreement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent a registration or an applicable exemption from the registration
"Safe Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995: The statements in all press releases that relate to the company's expectations, with regard to the future impact on the company's results from new projects in development, are forward-looking statements. A complete disclosure of our "SAFE HARBOR" statement is posted on our website at www.UniversalPotash.com under the heading "NEWS."