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Intercontinental Potash sues over unauthorized capital call

Intercontinental Potash Corp., a subsidiary of IC Potash Corp., has initiated a civil lawsuit in a Colorado court against Intercontinental Potash Corp. (USA) and two of its investors, according to a May 30 news release.

The company wants the Denver County District Court to overturn a capital contribution call in the amount of US$800,000, which the company alleges was not properly authorized and did not comply with Colorado law.

The shareholders named in the lawsuit are Pangaea Two Acquisition Holdings XI LLC, and Pangaea Two Acquisition Holdings XIB LLC.

Intercontinental Potash Corp. is also a shareholder in Intercontinental Potash Corp. (USA).

Intercontinental Potash Corp. claims the capital contribution call was pursued and improperly passed by certain directors of Intercontinental Potash Corp. (USA), including Peter Yu and Paul Hong, who are also principals of Cartesian Capital Group LLC, which is the manager of the two Pangaea entities named in the lawsuit.