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Western Potash threatened with legal action

  • Two investment banks are threatening legal action against junior miner Western Potash (WPSHF) for allegedly not paying advisory fees, WSJ reports, in an unusual move sparked by a deal that was once hailed as a potential harbinger of Chinese investment into the potash industry.
  • Lawyers for UBS and Lockwood Financial separately sent letters to Western Potash alleging nonpayment of fees for an introduction to Cnooc (CEO) subsidiary China BlueChemical or for general advice on raising funds.
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