TIDMGSP
RNS Number : 1290X
Gensource Potash Corporation
24 April 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces PDMR Dealings and Amendment of
Maturity of Promissory Note
SASKATOON, Saskatchewan and London, U.K. - April 24, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces the transactions below by
PDMR's in the Company's Common Shares and an amendment to the
maturity date of the following promissory note (the "Promissory
Note") issued to Michael Ferguson, CEO and a director of the
Company:
-- Promissory Note $250,000 principal amount outstanding
-- Original Terms Unsecured and bears interest at a rate of 0%
per annum
-- Original Maturity Date July 1,2023
-- Amended Maturity Date July 1, 2024
As the director is an insider of the Company, the amendment to
the maturity date of the Promissory Note is deemed to be a "related
party transaction" as defined under MI 61-101. The Company is
exempt from the formal valuation and minority approval requirements
for related party transactions pursuant to Subsection 5.5(a) and
Subsection 5.7(a) of MI 61-101, respectively.
The Company varying the terms of the Promissory Note with Mr.
Ferguson constitutes a related party transaction under Rule 13 of
AIM Rules for Companies. The directors of the Company, other than
Mr. Ferguson, confirm, having consulted with the Company's
nominated adviser, Strand Hanson Limited, that they consider that
the amendment to the maturity date of the Promissory Note to be
fair and reasonable insofar as its shareholders are concerned.
Michael Ferguson, Executive Director, acquired 75,000 Common
Shares on April 20, 2023, at $0.11 per Common Share, Stephen Dyer,
Non-Executive Director, acquired 100,000 Common Shares on April 21,
2023 at C$0.12 per Common Share and Robert Theoret, Vice-President
Finance & Business Development, acquired 50,000 Common Shares
on April 19, 2023, at $0.10 per Common Share.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name M ichael Ferguson
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800WAVVOPS85N2205
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of G ensource Potash Corp Common Shares
instrument
Identification code ISIN: CA3725X1042
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction The acquisition of common shares of no par value each
in the Company
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price Volume
$0.11 75,000
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Same as above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction April 20, 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction TSX-V Exchange
-------------------------------------------------------- -------------------------------------------------------
As a result, Michael Ferguson's total beneficial interest in the
Company is 17,947,708 Common Shares, representing 3.97 percent of
the Company's issued share capital.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Stephen Dyer
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Non-Exectuive Director
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800WAVVOPS85N2205
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of G ensource Potash Corp Common Shares
instrument
Identification code ISIN: CA3725X1042
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction The acquisition of common shares of no par value each
in the Company
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price Volume
$0.12 100,000
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Same as above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction April 21, 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction TSX-V Exchange
-------------------------------------------------------- -------------------------------------------------------
As a result, Stephen Dyer's total beneficial interest in the
Company is 475,000 Common Shares, representing .11 percent of the
Company's issued share capital.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Robert Theoret
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Vice-President Finance & Business Development
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Gensource Potash Corporation
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800WAVVOPS85N2205
-------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
-----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of G ensource Potash Corp Common Shares
instrument
Identification code ISIN: CA3725X1042
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction The acquisition of common shares of no par value each
in the Company
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price Volume
$0.10 50,000
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Same as above.
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction April 19, 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction TSX-V Exchange
-------------------------------------------------------- -------------------------------------------------------
As a result, Robert Theoret's total beneficial interest in the
Company is 10,080,750 Common Shares, representing 2.23 percent of
the Company's issued share capital.
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 TSX Venture Exchange and any other approvals for
the extension of the Promissory Note; 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
MSCGZGZDRMZGFZM
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