Allana Announces Completion of Acquisition by ICL

TORONTO, ONTARIO--(Marketwired - June 22, 2015) - Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce today the successful completion of the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) pursuant to which Israel Chemicals Ltd. ("ICL"), through a wholly-owned subsidiary, acquired all of the issued and outstanding common shares of Allana (the "Allana Shares").

Under the terms of the Arrangement, (i) shareholders of the Company, other than Liberty Metals & Mining Holdings, LLC ("LMM"), received consideration equal to $0.50 in cash per Allana Share exchanged, and LMM received the equivalent consideration of $0.50 in ordinary shares of ICL for each Allana Share exchanged; (ii) optionholders of the Company holding Allana options (the "Allana Options") with an exercise price of less than $0.50 (the "Option Consideration") immediately prior to the effective time of the Arrangement (the "Effective Time") received an amount equal to the difference between the Option Consideration and the exercise price, and such Allana Options were cancelled at the Effective Time; and (iii) all other Allana Options were cancelled at the Effective Time, without any payment in respect thereof.

The Allana Shares will cease to be listed for trading on the TSX and the OTCQX on or about the close of business on Wednesday, June 24, 2015. In addition, Allana will apply today to the relevant securities regulatory authorities to cease to be a reporting issuer in each jurisdiction of Canada in which it currently has reporting obligations.