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RNS Number : 0343O
Gensource Potash Corporation
27 January 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces Second and Final Closing of
Non-Brokered Private Placement and TVR
SASKATOON, Saskatchewan and London, U.K. - January 27, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces that on January 26, 2023
it completed the second and final 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 second and final closing, the Company issued 11,969,998
Units for aggregate gross proceeds of $1,795,499.70. 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.
Pursuant to the terms of this closing of the Offering, the
Company paid certain finders an aggregate cash commission of
$27,300 and issued 157,000 non-transferable warrants (the "Broker
Warrants") of the Company to such finders, with each Broker Warrant
exercisable, for a period of 24 months from the date hereof, into
one Common Share (a "Broker Warrant Share") at an exercise price of
$0.30 per Broker Warrant Share.
Use of proceeds from the sale of the Units, as previously
disclosed, will be used to advance the Tugaske Project and for
general working capital purposes. Gensource is pleased that the
current portion of financing has been completed while it continues
its work on funding opportunities to secure additional capital for
the Tugaske project.
The securities issued pursuant to this closing of the Offering
are subject to a hold period of four months plus a day expiring May
27, 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 11,969,998 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 Market of the London Stock
Exchange plc ("AIM"). It is expected that the Admission will become
effective, and trading will commence at 8 a.m. GMT on 1 February
2023.
Following Admission, the Company's total issued share capital
will consist of 438,765,993 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 438,765,993. 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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