PhosCan Chemical Corp.

PhosCan Chemical Corp.

August 24, 2006 09:51 ET

PhosCan Chemical Corp. Announces Proposed Private Placement

TORONTO, ONTARIO--(CCNMatthews - Aug. 24, 2006) - PhosCan Chemical Corp. (TSX VENTURE:FOS) (formerly MCK Mining Corp.) announces that it intends to complete a non-brokered private placement of up to 5,500,000 common shares at $0.20 per common share, to raise gross proceeds of up to $1,100,000. Closing of the private placement is anticipated to occur by mid September 2006 and is subject to all necessary regulatory approvals, including acceptance by the TSX Venture Exchange.

The proceeds of the private placement will be used to fund PhosCan's costs for the Martison Phosphate Project, and for general corporate purposes.

PhosCan Chemical Corp. is engaged in the advancement of the Martison Phosphate Project located near Hearst, Ontario. The Project entails the development of a phosphoric acid plant, utilizing the Martison phosphate deposit and sulphuric acid from the Ontario base-metal smelters. The 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 an economic and logistical advantage.

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 960-8884
    PhosCan Chemical Corp.
    Donna Yoshimatsu
    Director Investor Relations
    (647) 293-7047