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Potash Ridge, Canada Coal nix planned deal on fertilizer asset

A proposed deal between Potash Ridge Corp. and Canada Coal Inc. for a potential collaboration over the former's Valleyfield Fertilizer Corp. unit has fallen through, according to a May 31 release.

The unit holds the Valleyfield potash property in Quebec.

The parties signed a letter of intent in November 2017 to assess mutually beneficial opportunities over the assets, including a possible purchase or joint venture. In February, the 90-day exclusivity period was extended to April 30.

Despite their efforts, the companies were not able to reach definitive terms and have allowed the letter of intent to expire.

Potash Ridge noted that it will seek other potential buyers for the Valleyfield project while focusing on developing its Blawn Mountain potash project in Utah. Meanwhile, Canada Coal said it was also exploring other business opportunities.