TIDMGSP
RNS Number : 3984L
Gensource Potash Corporation
03 January 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces First Closing of Non-Brokered Private
Placement and TVR
SASKATOON, Saskatchewan and London, U.K. - January 3, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, today announced that on December 30,
2022, it completed the first closing of its previously announced
non-brokered private placement offering (the "Offering") of (i)
units of the Company (each a "Unit") at a price of $0.15 per Unit;
and (ii) 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.
At the first closing, the Company issued 2,400,000 Flow Through
Shares for aggregate gross proceeds of $480,000.00.
The TSX Venture Exchange has granted the Company a 30 day
extension to the Offering. It is the intention of the Company to
keep the offering of Units open to investors into January, 2023
and, accordingly, the Company intends to hold a closing of the Unit
portion of the Offering. The Company will not hold any further
closings of the Flow Through Share portion of the Offering.
Each Unit will 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 whole 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.
Use of proceeds from the sale of Flow Through Shares will be
used to further expand resource definition on the Company's KL244
and KL245 leases and to initiate resource definition work on its
SMP200 permit, all with an aim of developing a second project
within the Vanguard Area.
The Company intends to use the net proceeds from the sale of any
Units to advance the Tugaske Project (the first project within the
Vanguard Area), 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.
The securities issued pursuant to this closing of the Offering
are subject to a hold period of four months plus a day expiring May
1, 2023.
This closing of the Offering remains subject to receipt of the
final approval of the TSX Venture Exchange.
Admission to Trading on AIM
An application will be made for the admission (the "Admission")
of the 2,400,000 new Common Shares issued pursuant to the Flow
Through Share component of the Offering, which will rank pari passu
with existing Common Shares, to trading on the AIM Market of the
London Stock Exchange plc ("AIM"). It is expected that the
Admission will become effective, and trading will commence at 8.00
am on January 5, 2023.
Following Admission, the Company's total issued share capital
will consist of 426,795,995 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 426,795,995. 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.
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 receive final
approval of the TSXV for 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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