SASKATOON, Oct. 20, 2015 /CNW/ - Gensource Potash
Corporation ("Gensource" or the "Company")
(TSX.V: GSP) is pleased to announce a non-brokered private
placement of units ("Units") at a price of $0.07 per Unit for aggregate gross proceeds of up
to $800,000.00 (the "Offering")
(11,428,572 shares).
Each Unit will consist of one (1) common share and one-half
(1/2) common share purchase warrant ("Warrant"). Each whole Warrant
will entitle the holder to acquire an additional common share at a
price of $0.12 for a period of
twenty-four (24) months. The net proceeds from the sale of Units
will be used to advance engineering and begin environmental
licensing work for Gensource's first Lazlo area project and general
working capital purposes.
All securities issued in conjunction with the Offering will be
subject to a four-month statutory hold period in Canada. The Company may pay finder's fees to
certain finders consisting of (a) a finder's fee payable in cash
not to exceed seven percent (7%) of the aggregate gross proceeds
from the Offering, and (b) compensation warrants equal to up to
seven percent (7%) of the total number of Units sold under the
Offering (the "Broker Warrants"). Each Broker Warrant
will entitle the holder thereof to purchase one Unit at an exercise
price of $0.07 for a period of 24
months following the Closing Date.
About Gensource
Gensource is based in Saskatoon,
Saskatchewan and is focused on developing the next potash
production facility in that province. Gensource's President and
CEO, Mike Ferguson, P.Eng., has
assembled a management and technical team with direct and specific
expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key
components - vertical integration with the market to ensure that
all production capacity built is directed to a specific market,
eliminating market-side risk; and, technical innovation which will
allow for a small and economic potash production facility,
the output of which can then be directed to a single, specific
market.
Neither 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
Caution Regarding Forward-Looking Statements
Neither 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. This news release may contain forward
looking information and the Company 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 the Company 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 the Company and the Company
provides no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and
statements with respect to the Company's future plans, objectives
or goals, to the effect that the Company or management expects a
stated condition or result to occur, including the expected timing
for release of sample analyses and a preliminary economic
assessment, and the future sales of potash from the Company's
potash deposits. 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 relating to, among other things, results of exploration,
metallurgical processing, project development, reclamation and
capital costs of the Company's mineral properties, and the
Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as, but are not limited to: failure to identify
mineral resources; failure to convert estimated mineral resources
to reserves; the inability to complete a prefeasibility study; the
preliminary nature of engineering test results; the inability to
enter into offtake agreements with qualified purchasers; delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals; political risks;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets, inflation, changes
in exchange rates; fluctuations in commodity prices; delays in the
development of projects; capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set
out in the Company's public documents filed on SEDAR. This list is
not exhaustive of the factors that may affect any of the Company's
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
the Company's forward-looking statements. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
SOURCE Gensource Potash Corp