Western Resources Corp. has closed the previously announced conversion of common shares held by Vantage Chance Limited ("Vantage") in Western Potash Holdings Corp., a subsidiary of the Company, which were exchanged for common shares of the Company ("WRX Shares"), following receipt of conditional approval from the TSX and the written consent by its majority shareholder, Tairui Mining Inc. ("Tairui"), which owns 105,854,938 WRX Shares, representing approximately 56.08% of the total issued and outstanding WRX Shares pre-conversion.
Vantage has now obtained ownership and control over 219,726,258 WRX Shares, representing 53.79% of the total issued and outstanding WRX Shares calculated on a post-transaction, non-diluted basis. Tairui's shareholding in the Company has been diluted to approximately 25.91% post-conversion.
The board of directors of the Company also passed a written resolution appointing Mr. Justin Xing, director of Vantage, to the board of the Company, filling a vacancy of the board.
Western Resources Corp. Chairman and CEO, Mr. Bill Xue said, “Today’s closing of the Conversion represents another important milestone for the Company. We welcome Vantage becoming the Company’s new majority shareholder. On behalf of the board, I welcome Mr. Justin Xing to join the Company board. I am confident that the Company will advance into greater success from this new point.”