PhosCan Chemical Corp.

PhosCan Chemical Corp.

August 25, 2010 16:53 ET

PhosCan Chemical Provides Update on Review of Corporate Opportunities

TORONTO, ONTARIO--(Marketwire - Aug. 25, 2010) - PhosCan Chemical Corp. (TSX:FOS) announces that it has mutually agreed with Cormark Securities Inc. that Cormark shall no longer be the Company's exclusive financial advisor with respect to its review of strategic alternatives and investment opportunities. PhosCan will instead engage financial advisors on an ad hoc basis depending upon the nature of a transaction under consideration.

PhosCan's primary assets consist of approximately Cdn$68.0 million of cash, cash equivalents and short-term investments, and a 100% interest in the Martison phosphate project. The Company has previously announced that it has deferred certain aspects of the development of the Martison project, with a view to preserving the Company's cash which could be used for other corporate development activities. A Corporate Finance Committee, appointed by the Board of Directors of the Company, continues to review strategic alternatives and investment opportunities to enhance shareholder value.

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 972-9222