TIDMGSP
RNS Number : 7829K
Gensource Potash Corporation
30 August 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Releases Financial Statements and Management's
Discussion and Analysis for the Period Ending June 30, 2023
SASKATOON, Saskatchewan and London, U.K., August 30, 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
Financial Statements and Management's discussion and Analysis
(MD&A) for the period ending June 30, 2023.
The detailed results of the Financial Statements and MD&A
are available under the Company's profile on SEDAR (
www.sedarplus.ca ) and on the Company's website (
https://gensourcepotash.ca/financials- and-presentations/ ). The
highlights in this release should be read in conjunction with the
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
The Company is very pleased and fortunate to have Mr. Wayne
Brownlee join the Board of Directors as of May 3, 2023. Mr.
Brownlee brings a wealth of global potash experience from his 30
plus year career as a senior leader of Potash Corp. The strength of
Wayne Brownlee's financial and business skillset is instrumental in
advancing negotiations with multiple parties for significant
project equity financing investments. The negotiations have focused
on financial and joint business structures which enable all parties
to benefit from the modular and scalable production opportunity
being developed by Gensource. The negotiations are at advanced
stages which coincide with Gensource's desire to implement
development of its first selective solution mining cavern on the
Tugaske project this fall.
As part of the financing and business discussions, holders of
the 5% convertible debentures of the Company (issued on October 19,
2021) unanimously agreed to extend the maturity date of the
debentures from June 30, 2023 to June 30, 2024. All terms to the
debentures remain the same.
The Company is also pleased with its advancing relationship with
the Indigenous communities within Saskatchewan. Gensource had the
opportunity to provide a detailed "potash 101" seminar to Chief and
Counsel of a prominent First Nation and continues its success in
creating close relationships with other First Nations, as disclosed
in news releases earlier this year.
Tugaske Project
The Company is finalizing plans for work that will optimize two
areas of its technology: underground cavern design and operation,
and crystallization. Next steps are to implement the planned
optimizations and result confirmation. Subject to financing, the
Company plans to complete work on these optimizations this fall and
then integrate them into the Tugaske Project. Expectations (to be
confirmed) are for significant optimizations of capital and
operating costs.
Further, the Company has initiated preparation for initial
resource confirmation work on its new SMP200 permit area. Resource
confirmation is likely to include a detailed seismic survey.
Shareholders will recall that SMP200 adjoins the Tugaske mining
area, extending northward from the Company's lease KL-245. The
lease area covers prospective resource already identified through
drilling and seismic work on KL-245 as described in the Indicated
and Measured Resource categories. A historical well is located
within SMP200 that correlates well with KL-245 well logs, a
situation that augers well for good geological data
consistency.
-- On June 2, 2023, the Company granted an aggregate of
15,400,000 stock options, of which 14,900,000 were granted to
directors and senior officers of the Corporation, at an exercise
price of $0.125 per share and are exercisable for a period of 5
years.
-- On May 29, 2023, the Company completed a non-brokered private
placement offering of Units at a price of $0.15 per unit. At the
closing, the Company issued 6,118,583 units for aggregate gross
proceeds of $917,787.45. 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.
-- On May 8, 2023, Wayne Brownlee, an independent director, was
granted 1,000,000 stock options at an exercise price of $0.125,
exercisable for a period of 5 years.
-- On February 3, 2023, the Company issued 1,000,000 options to
a consultant at an exercise price of $0.14 for 5 years. 333,333
options vested on February 3, 2023, 333,333 options vested on April
15, 2023, and 333,334 options vested on June 6, 2023.
-- The Company had cash of $303,035 as at June 30, 2023 compared
to $337,831 at December 31, 2022.
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.
For further information on Gensource Potash, please contact:
Gensource Potash Corporation
Mike Ferguson - President & CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial +44 (0) 20 7409
Adviser) 3494
Ritchie Balmer / Rory Murphy / Charles
Hammond
+44 (0) 20 7418
Peel Hunt LLP (Broker) 8900
Ross Allister / David McKeown / Georgia
Langoulant
For any press enquiries please contact Gensource at
306-974-6414.
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca
Follow us on twitter @GensourcePotash
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 the 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; 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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