Western Potash Corp. (TSX-V:WPX) has completed a $20 million IPO.
The public offering of 18,185,000 common shares at $1.10 per share was led by Wellington West Capital Markets Inc. It also involved Canaccord Capital Corp. and Genuity Capital Markets.
The Vancouver-based mineral exploration company said it plans to use the cash for general working capital and to develop its Manitoba potash properties.
Demand for potash, which is used in agriculture as a fertilizer, has skyrocketed in recent years. Its price has increased 200% since July 2003. Canada is the world's leading potash producer.
Western Potash's shares debuted at around $1.04.