TIDMGSP
RNS Number : 0415V
Gensource Potash Corporation
03 April 2023
3 April 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Releases Audited Financial Statements and
Management's Discussion and Analysis for the year ended December
31, 2022
SASKATOON, Saskatchewan and London, U.K., April 3, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces that it has released its
Audited Financial Statements and Management's discussion and
Analysis (MD&A) for the year ended December 31, 2022.
The detailed results of the Audited Financial Statements and
MD&A are available under the Company's profile on SEDAR (
www.sedar.com ) and on the Company's website (
https://gensourcepotash.ca/financials-and-presentations/ ). The
highlights in this release should be read in conjunction with the
Audited Financial Statements and MD&A. The MD&A provides an
analysis of comparisons with previous periods, trends affecting the
business and risk factors.
Summary of Key Activities During Q4 2022 and the year ending
December 31, 2022
-- Global food security, energy costs and capital markets
reached unprecedented levels of disruption and volatility in 2022.
The onset of war in continental Europe placed considerable strain
on global supply chains and exports of key agricultural
commodities, food stuffs and energy. Significantly impacted areas
include:Global grain stocks - Grain stock-to-use ratios continued a
six-year decline reaching the lowest level in more than 25
years.
-- Food prices - Agricultural commodities (food) prices trended
well above average levels, providing an incentive for farmers to
increase planted acreage and improve yields.
-- Fertilizer - Russia's war on Ukraine resulted in a fertilizer
supply shocks in nitrogen (driven by deteriorating natural gas
supply in Europe) and for potash (driven by inaccessible supply
from Eastern Europe). According to industry sources, potash
shipments from Eastern Europe declined by some 11 million tonnes
due to sanctions on Belarus and banking restrictions on Russia.
As a result, International Incumbents and Private Equity Groups
are exhibiting heightened interest in the Company's direct supply
model which utilizes modular, scalable and low-environmental-impact
potash production methods.
-- On December 30, 2022, the Company completed the flow-through
portion of the non-brokered private financing announced on December
1, 2022. The Company issued 2,400,000 flow- through shares at a
price of $0.20 per share for aggregate gross proceeds of
$480,000.
-- Subsequent to December 31, 2022, the Company closed the
second and final closing of the non-brokered private placement. 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
-- The Company advanced their business relationship with
Nekaneet First Nation. The strategic relationship with Nekaneet
First Nation was formalized through its participation in
Gensource's recently closed private placement (see news release
dated January 31, 2023). The relationship encompasses equity
ownership in Gensource and therefore a direct interest in the
development of the Gensource potash projects in Saskatchewan.
-- The Company had cash of $337,831 as at December 31, 2022
compared to $209,536 at September 30, 2022 and $1,712,19 at
December 31, 2021.
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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DOCITMJTMTBMBPJ
(END) Dow Jones Newswires
April 03, 2023 02:00 ET (06:00 GMT)
Gensource Potash (LSE:GSP)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Gensource Potash (LSE:GSP)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
