TIDMGSP
RNS Number : 5739B
Gensource Potash Corporation
05 June 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces Extension to the Maturity Date of
Convertible Debentures and Granting of Stock Options
SASKATOON, Saskatchewan and London, U.K. - June 5, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces an extension to the
maturity date of each of the 5% convertible debentures of the
Company (the "Debentures") issued on October 19, 2021 in the
principal amount of $2,000,000, from June 30, 2023 to June 30, 2024
(the "Debenture Amendments"). All other terms remain the same.
Certain directors and officers of the Company are holders of
Debentures, holding a total of $1,785,000 principal amount of
Debentures. For a breakdown of the amounts held by the directors,
together with the amount held by a former director, please refer to
the Company's AIM Admission Document (page 388) available on the
Company's website. The Debenture Amendments are deemed to be
"related party transactions" as defined under Multilateral
Instrument 61-101- Protection of Minority Security Holders in
Special Transactions ("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 Debenture Amendments in respect of those held by certain
directors and a former director constitute related party
transactions under Rule 13 of the AIM Rules for Companies (the "AIM
Rules"). Wayne Brownlee is the sole director on the Board that does
not hold any Debentures, Mr. Brownlee, therefore as the independent
director of the Company confirms, having consulted with the
Company's nominated adviser, Strand Hanson Limited, that the
Debenture Amendments are fair and reasonable insofar as its
shareholders are concerned.
The Debenture Amendments remain subject to receipt of all
necessary regulatory approvals, including the final approval of the
TSX Venture Exchange.
The Company also announces that it has 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. The options were granted under the Company's stock option
plan and each stock option entitles the holder to acquire one
common share of the Company. This grant of options remains subject
to acceptance by the TSX Venture Exchange.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Michael 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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 4,000,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alton Anderson
----------------------------------------- ------------------------------------------
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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 2,800,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Stephen Dyer
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 1,000,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Calvin Redlick
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 1,000,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Amy O'Shea
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 1,000,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Wayne Brownlee
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Non-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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 500,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ---------------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ---------------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ---------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ---------------------- ------------------------
$0.125 2,300,000
---------------------------------------------- ---------------------- ------------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ---------------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ---------------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ---------------------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Deborah Morsky
----------------------------------------- ------------------------------------------
2. Reason for the Notification
-------------------------------------------------------------------------------------
a) Position/status Vice-President, Corporate Services
----------------------------------------- ------------------------------------------
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 G ensource Potash Corp Common Shares
instrument, type of instrument
----------------------------------------- ------------------------------------------
Identification code ISIN: CA3725X1042
----------------------------------------- ------------------------------------------
b) Nature of the Transaction Issue of share options under Company
Stock Options Plan.
----------------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ------------------ -------------------
$0.125 2,300,000
---------------------------------------------- ------------------ -------------------
d) Aggregated information
Same as above
* Aggregated volume
* Price
----------------------------------------- ------------------------------------------
e) Date of the transaction June 2, 2023
----------------------------------------- ------------------------------------------
f) Place of the transaction TSX-V Exchange
----------------------------------------- ------------------------------------------
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 & +44 (0) 20 7409
Financial 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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END
DSHZZGGVLDRGFZM
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June 05, 2023 02:00 ET (06:00 GMT)
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