SASKATOON, Nov. 4, 2015 /CNW/ - Gensource Potash Corporation ("Gensource" or the "Company") (TSX.V: GSP) announces it has closed its previously announced non-brokered private placement financing. The Company raised gross proceeds of $495,220 through the sale of 7,074,571 Non-Flow-Through shares at $0.07 per share.
Each Unit consisted 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 are subject to a four-month statutory hold period in Canada.
Completion of the Offering is subject to approval of the TSX Venture Exchange.
The net proceeds from the sale of shares will be used to advance the development of the Lazlo project.
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.
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.
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 the expected timing for release of a resource estimate and a preliminary economic assessment. 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, the economics of processing methods, project development, reclamation and capital costs of Gensource's mineral properties, and Gensource's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; the ability to find distributors and source offtake 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.
SOURCE Gensource Potash Corp
For further information: Gensource Potash Corporation: Mike Ferguson, President and CEO, Telephone: (306) 974-6414, Email: firstname.lastname@example.org