Gensource Announces $800,000 Non-Brokered Private Placement
May 22 2023 - 2:00AM
Business Wire
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OR DISSEMINATION IN THE UNITED STATES
Gensource Potash Corporation (“Gensource” or the
“Company”) (AIM/TSXV: GSP), a fertilizer development company
focused on sustainable potash production, is pleased to announce a
proposed best efforts, non-brokered private placement for gross
proceeds of up to $800,000.00 (the “Offering”).
The Offering will consist of: (i) up to 5,333,333 units of the
Company (“Unit”) at a price of $0.15 per Unit for gross
proceeds of up to $800,000.
Each Unit shall consist of one common share in the capital stock
of the Company (a “Common Share”) and one Common Share
purchase warrant of the Company (a “Warrant”). Each Warrant
will be exercisable for one Common Share (a “Warrant Share”)
at an exercise price of $0.30 per Warrant Share for a period of 24
months following the date of issuance.
The Company intends to use the net proceeds from the sale of the
Units to advance the Company’s Tugaske Project and general working
capital.
The Offering will take place by way of a private placement to
qualified investors in such provinces of Canada as the Company may
designate, and otherwise in those jurisdictions where the Offering
can lawfully be made. The securities to be issued pursuant to the
Offering will be subject to a statutory four month and one day hold
period from the date of issuance.
The offering is subject to the satisfaction of certain
conditions, including receipt of all applicable regulatory
approvals, including that of the TSX Venture Exchange.
A further update on the Offering will be made as and when
appropriate.
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca Follow us on twitter
@GensourcePotash
About Gensource Gensource is a fertilizer development
company based in Saskatoon, Saskatchewan and is on track to become
the next fertilizer production company in that province. With a
modular and environmentally leading approach to potash production,
Gensource believes its technical and business model will be the
future of the industry. Gensource operates under a business plan
that has two key components: (1) vertical integration with the
market to ensure that all production capacity built is directed,
and pre-sold, to a specific market, eliminating market-side risk;
and (2) technical innovation which will allow for a modular and
economic potash production facility, that demonstrates
environmental leadership within the industry, producing no salt
tailings, therefore eliminating decommissioning risk, and requiring
no surface brine ponds, thereby removing the single largest and
negative environmental aspect of potash mining.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking
Statements
This news release may contain forward looking information and
Gensource cautions readers that forward- looking information is
based on certain assumptions and risk factors that could cause
actual results to differ materially from the expectations of
Gensource included in this news release. This news release includes
certain “forward-looking statements”, which often, but not always,
can be identified by the use of words such as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. These statements are based on information
currently available to Gensource and Gensource provides no
assurance that actual results will meet management’s
expectations.
Forward looking statements include estimates and statements with
respect to Gensource’s future plans, objectives or goals, to the
effect that Gensource or management expects a stated condition or
result to occur, including any offering of securities by Gensource.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated in such
statements for many reasons such as: failure to receive final
approval of the TSX Venture Exchange and any other approvals for
the extension of the Promissory Note; failure to finance the
Tugaske Project or other projects on terms which are economic or at
all; failure to settle a definitive joint venture agreement with a
party and advance and finance the Tugaske Project; changes in
general economic conditions and conditions in the financial
markets; the ability to find and source off-take agreements;
changes in demand and prices for potash; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational
difficulties encountered in connection with Gensource’s activities;
an inability to predict and counteract the effects of COVID-19 on
the business of Gensource, including but not limited to the effects
of COVID-19 on the price of commodities, capital market conditions,
restriction on labour and international travel and supply chains,
failure to obtain required regulatory approvals; and other matters
discussed in this news release and in filings made with securities
regulators. This list is not exhaustive of the factors that may
affect any of Gensource’s forward-looking statements. These and
other factors should be considered carefully, and readers should
not place undue reliance on Gensource’s forward-looking statements.
Gensource does not undertake to update any forward-looking
statement that may be made from time to time by Gensource or on its
behalf, except in accordance with applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230521005010/en/
For further information on Gensource Potash, please
contact:
Gensource Potash Corporation Mike Ferguson – President
& CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser)
+44 (0) 20 7409 3494 Ritchie Balmer / Rory Murphy / Charles
Hammond
Peel Hunt LLP (Broker) +44 (0) 20 7418 8900 Ross Allister
/ David McKeown / Georgia Langoulant
For any press enquiries please contact Gensource at
306-974-6414
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