BHP Billiton Canada Inc. (BHP Billiton) today announced that it has completed the previously announced acquisition, pursuant to a Plan of Arrangement, of all the issued and outstanding common shares of Athabasca Potash Inc (API) for C$8.35 cash per common share.
This acquisition provides BHP Billiton with 100 per cent control of the Burr project and various additional potash exploration properties in Saskatchewan, Canada. BHP Billiton now has access to a total of more than 14,000 km² of prospective exploration ground in the world-class Saskatchewan potash basin.
BHP Billiton also announced that an application to delist API's common shares has been filed with the Toronto Stock Exchange and the delisting is expected to be effective within three trading days of filing. An application has been filed to allow API to cease to be a reporting issuer under applicable Canadian securities laws, and relief is expected to be granted before the end of March.