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China JV buys stake in Canada potash company

9:20 AM MDT | June 3, 2013 | Lindsay Frost

CBC Holding Corp. (CBCHC), a joint venture between China BlueChemical (Dongfang) and Benewood Holdings (Hong Kong), has agreed to make an investment of C$31.9 million ($30.9 million) in Western Potash Corp. (Vancouver), at a price of 71 cts/share for roughly 45 million newly issued common shares—resulting in CBCHC holding a 19.9% ownership stake in Western Potash. The issue price represents a 15% premium over the 20-day volume weighted moving average for Western Potash. CBCHC also has a right to appoint one nominee to the Western Potash board pursuant to...

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