TIDMGSP
RNS Number : 2623O
Gensource Potash Corporation
02 October 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Closing of Non-Brokered Private Placement and
TVR
SASKATOON, Saskatchewan and London, U.K. - October 2, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces that on October 2, 2023 it
completed the closing of its previously announced non-brokered
private placement offering (the "Offering") of units of the Company
(each a "Unit") at a price of $0.15 per Unit.
At the closing, the Company issued 4,863,588 Units for aggregate
gross proceeds of $729,538.20. Each Unit consists 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 whole Warrant is 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.
As part of the Offering, certain directors and officers of
Gensource, being Wayne Brownlee, Stephen Dyer, Amy O'Shea, Michael
Ferguson, Alton Anderson, and Robert Theoret (the "Insiders")
purchased 3,333,333, 800,000, 180,255, 166,667, 150,000, and
133,333 Units, respectively. Participation by the Insiders in the
Offering was considered a "related party transaction" pursuant to
Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). Gensource was exempt
from the requirements to obtain a formal valuation or minority
shareholder approval in connection with the Insiders' participation
in the Offering in reliance of sections 5.5(b) and 5.7(a) of MI
61-101. The Company was not in a position to file a material change
report more than 21 days in advance of the closing of the Offering
as the details of participation by the Insiders was not known at
such time.
Use of proceeds from the sale of the Units, as previously
disclosed, will be used to complete fieldwork on its Tugaske potash
project (the "Tugaske Project") and general working capital
purposes.
The securities issued pursuant to this closing of the Offering
are subject to a hold period of four months plus a day expiring
February 3, 2024.
This closing of the Offering remains subject to receipt of the
final approval of the TSX Venture Exchange.
Related Party Transaction
The participation in the Offering by Wayne Brownlee, Stephen
Dyer, Amy O'Shea, Michael Ferguson and Alton Anderson, constitutes
a related party transaction pursuant to Rule 13 of the AIM Rules
for Companies, the rulebook governing the AIM Market of the London
Stock Exchange plc. ("AIM"). In this context, Calvin Redlick, being
the Director of the Company that did not participate in the
Offering confirms having consulted with the Company's nominated
adviser, Strand Hanson Limited, that the terms of such
participation are fair and reasonable insofar as its shareholders
are concerned.
Admission to Trading on AIM and TVR
An application will be made for the admission (the "Admission")
of the 4,863,588 new Common Shares issued pursuant to the Unit
component of the Offering, which will rank pari passu with existing
Common Shares, to trading on the AIM. It is expected that the
Admission will become effective, and trading will commence at 8
a.m. BST on October 6, 2023.
Following Admission, the Company's total issued share capital
will consist of 449,748,164 Common Shares of no par value. For the
purposes of the UK's Financial Conduct Authority's Disclosure
Guidance and Transparency Rules, the total number of voting rights
in the Company will be 449,748,164. This figure may be used by
shareholders as the denominator for the calculations by which they
determine if they are required to notify their interest in, or a
change of their interest in, the Company under the UK's Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Wayne Brownlee
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------------------- ------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
-------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ==========================================
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.15 3,333,333
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Stephen Dyer
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------------------- ------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
-------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.15 800,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
------------------------------------------ -----------------------------------------
Same as above
* Aggregated volume
* Price
----------------------------------------- -----------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Amy O'Shea
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------------------------- ------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
-------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ==========================================
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.15 180,255
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael Ferguson
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Executive Director
----------------------------------------- ------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
-------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.15 166,667
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alton Anderson
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Executive Director
----------------------------------------- ------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
-------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.15 150,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Robert Theoret
----------------------------------------- ---------------------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------------------------------
a) Position/status Vice-President Finance & Business Development
----------------------------------------- ---------------------------------------------------
b) Initial notification/amendment Initial notification
----------------------------------------- ---------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
----------------------------------------- ---------------------------------------------------
b) LEI 213800WAVVOPS85N2205
----------------------------------------- ---------------------------------------------------
4. Details of the transaction(s):section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv)each place where transactions have been
conducted
----------------------------------------------------------------------------------------------
a) Description of the Financial G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ---------------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ---------------------------------------------------
b) Nature of the Transaction The acquisition of common shares of
no par value each in the Company
----------------------------------------- ---------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ---------------------- ------------------------
$0.15 133,333
---------------------------------------------- ---------------------- ------------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ---------------------------------------------------
e) Date of the transaction October 2, 2023
----------------------------------------- ---------------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ---------------------------------------------------
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.
For further information on Gensource Potash, please contact:
Gensource Potash Corporation
Mike Ferguson - President & CEO +1-306-974- 6414
Strand Hanson Limited(Nominated & Financial +44 (0) 20 7409
Adviser) 3494
Ritchie Balmer / Rory Murphy / Charles
Hammond
+44 (0) 20 7418 8900
Peel Hunt LLP (Broker)
Ross Allister / David McKeown / Georgia Langoulant
For any press enquiries please contact Gensource at
306-974-6414.
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca Follow us on twitter @GensourcePotash
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 the 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 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; 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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END
DSHBLBDGDGGDGXB
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