Potash America, Inc. announced that it expects to receive $1 million in funding.
March 27, 2012 at 09:30 am IST
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Potash America, Inc. (OTCBB:PTAM) announced a private placement of a convertible letter of credit for gross proceeds of $1,000,000 on March 27, 2012. The amount outstanding under the letter of credit is convertible units of the company at $0.80 per unit. Each unit consists of one common share and one warrant to purchase one common share of the company at $1.50 per share for a period of five years. The company will pay annual interest of 5% until the loan is repaid or converted into units. The company will receive the funding by way of advances until March 27, 2013. The completion date may be extended for an additional term of up to twelve months at the option of the company or the subscriber upon written notice on or before the completion date.
As of June 30, 2012, the company has raised $500,000 in the transaction. The funding raised includes discount provided.
As of September 30, 2012, the company has raised $710,000 which includes a debt discount of $452,119.
Potash America, Inc. is a multi-stage consultant company. The Company is focused on industries, such as renewable energy, commercial agriculture, green energy technology, health and wellness, cannabis/hemp development and environmentally responsible mining and exploration. The Company offers consultant partnership through its diverse portfolio of clients by identifying people and businesses in key sectors in need of guidance. Through stimulation, reorganization, or introduction of new products and services, the Company helps entrepreneurs reach their potential. Through consulting in green technology, it is engaged in problem solving for companies and individuals in its key sectors. It consults in limited areas of the cannabis and hemp development sector, including the land on which it is grown, crop fertilizers, and farming technology.
POTASH AMERICA, INC. 
