Gensource Potash (TSX.V: GSP) recently announced that it successfully completed its non-brokered private placement financing. The offering was comprised of the non-brokered sale of 24,999,268 common shares at $0.125 per share, resulting in gross proceeds of $3,124,908.50 to the company. As part of the offering, certain officers of Gensource purchased an aggregate of 4,356,000 common shares which was considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Relative to the offering, licensed finders were paid commissions by Gensource in the form of cash payments of $199,760.00 and the issuance of 1,598,080 agent’s warrants. The warrants are exercisable into common shares for the 18-month period following the closing date at a price of $0.125 each. “We are very pleased with the response to our private placement, ending in an over-subscribed situation. It is gratifying to see that many of our strong and long-term shareholders participated again in this financing. That fact highlights the highly engaged nature of the company’s shareholder base. With this financing, we look forward to advancing the Company’s business plan to the next stage,” Gensource President & CEO Mike Ferguson stated in the news release.
To view the full press release, visit http://nnw.fm/rDYG8
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province, using new and more efficient mining and processing methods and employing a new-to-the-potash-industry business model that connects the consumer of potash (agricultural producers) as directly as possible to the production of the product. 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 that sets a new environmental standard in the industry, the output of which can then be directed to a single, specific market. For more information, visit the company’s website at www.GensourcePotash.ca.
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