Peterson McVicar acts for Gensource in First Closing of up to $6,000,000 Private Placement
On May 31, 2017 Gensource Potash Corporation (“Gensource” or the “Company”) announced it had completed tranche one of the up to $6 million private placement financing (the “Offering”). The Offering consisted of the sale of 1,634,110 Common Shares of the Company, at a price of $0.18 per Common Share and 8,870,000 Flow-Through Shares, at a price of $0.20 per Flow-Through Share, for aggregate gross proceeds of $2,068,140.
The Company intends to use the proceeds from the Offering for drilling, seismic and engineering work for the next stage of development in the general Vanguard area as well as for general working capital purposes. The gross proceeds from the sale of the Flow-Through Share portion of the Offering will be used to fund “Canadian exploration expenses” within the meaning of the Tax Act related to the Company’s projects in Saskatchewan.
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.
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