TIDMGSP
RNS Number : 1745I
Gensource Potash Corporation
01 December 2022
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Announces $6,000,000 Non-Brokered Private
Placement
SASKATOON, Saskatchewan and London, U.K. - December 1, 2022 -
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 $6,000,000.00 (the "Offering").
The Offering will consist of: (i) up to 20,000,000 units of the
Company ("Unit") at a price of $0.15 per Unit for gross proceeds of
up to $3,000,000; and (ii) up to 15,000,000 common shares of the
Company that are "flow-through shares" as defined in subsection
66(15) of the Income Tax Act (Canada) (each a "Flow Through Share")
at a price of $0.20 per Flow Through Share for gross proceeds of up
to $3,000,000.
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 Tugaske Project, specifically to continue with
detailed engineering and procurement activities, complete well pad
leasing and drilling planning and to obtain pipeline rights of way,
to complete the financing process of the project, and for general
working capital purposes. Use of proceeds from the sale of Flow
Through Shares will be used to further expand resource definition
on KL244 and KL245 and to initiate resource definition work on
SMP200, all with an aim of developing a second project within the
Vanguard Area .
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.
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 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 complete the
Offering; 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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