PhosCan Chemical Corp.

PhosCan Chemical Corp.

March 14, 2008 12:10 ET

PhosCan Chemical Announces Grant of Stock Options

TORONTO, ONTARIO--(Marketwire - March 14, 2008) - PhosCan Chemical Corp. (TSX VENTURE:FOS) ("PhosCan") announces that it has granted to Directors, Officers and employees of the company stock options in the aggregate amount of 2,890,000, representing 2.1% of the currently outstanding common shares of the company. As a result, PhosCan now has in total 5,760,000 stock options outstanding, representing 4.1% of the currently outstanding common shares of the company.

The exercise price of each stock option granted today is $1.25 per PhosCan common share, which was the closing price of the company's common shares on the TSX Venture Exchange on March 13, 2008. Each stock option has a five year term and is subject to vesting restrictions and the provisions of the company's stock option plan.

About PhosCan

PhosCan is engaged in the advancement of the Martison Phosphate Project located near Hearst, Ontario. The Martison Project entails the development of a phosphoric acid plant, utilizing the Martison phosphate deposit and sulphuric acid from Ontario base-metal smelters. Phosphate concentrate and sulphuric acid are the two primary inputs in the production of phosphoric acid. The Martison Project is strategically positioned in proximity to target markets with access to excellent infrastructure including rail, power, labour and an abundant supply of sulphuric acid. The phosphoric acid produced will be used as feedstock for the production of higher valued products in the fertilizer and industrial markets that provide both an economic and logistical advantage.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the Arrangement, and matters concerning the business, operations, strategy, and financial performance of PhosCan and Baltic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transaction contemplated herein is completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and PhosCan does not undertake any obligation to update such statemennts except as required by law.

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 972-9222
    PhosCan Chemical Corp.
    James Pringle
    Vice-President, Finance & CFO
    (416) 972-9222