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RNS Number : 1879Z
Gensource Potash Corporation
13 September 2022
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces AIM Rules Related Party Transaction
Opinion
SASKATOON, Saskatchewan and LONDON, U.K., September 13, 2022 -
Gensource Potash Corporation ("Gensource" or the "Company") (TSXV:
GSP, AIM: GSP) announces the following pursuant to the AIM Rules
for Companies (the "AIM Rules").
As disclosed by the Company on August 30, 2022, the Company
received on May 31, 2022 a promissory note from Michael Ferguson,
President, CEO and a Director of the Company, in the amount of
C$250,000 for project related and general working capital purposes.
The promissory note is unsecured, bears interest at a rate of 0%
per annum and matures on July 1, 2023. There were no fees payable
to Michael Ferguson as part of entering into the promissory note.
The Company is entitled to prepay the whole or any part of the
indebtedness evidenced by this note at any time and from time to
time without notice, bonus or penalty of any kind whatsoever.
The Company entering into the promissory note with Michael
Ferguson constituted a related party transaction under Rule 13 of
AIM Rules. In this context, the Directors of the Company, other
than Michael Ferguson, confirm, having consulted with the Company's
nominated adviser, Strand Hanson Limited, that they considered that
the terms of the promissory note to be fair and reasonable insofar
as its shareholders are concerned.
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
Camarco (Financial PR) +44 (0) 20 3757 4997
Gordon Poole / Charlotte Hollinshead / Lily Pettifar
For any press enquiries please contact us on
gensource@camarco.co.uk
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 Statement
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 complete an
offering of securities; 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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END
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