Peterson McVicar acts for Gensource Potash Corporation as it closes $3.2 Million Brokered Private Placement
On October 26, 2016 Gensource Potash Corporation (“Gensource”) completed the second and final tranche of the brokered private placement financing of 2,490,559 units (the “Offering”). The combined aggregate gross proceeds of both tranches of the Offering was $3,233,650. The Offering was completed by Industrial Alliance Securities Inc.
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. The proceeds from both tranches will be used to complete the planned drilling and seismic work with a goal to upgrade the resource in the Vanguard area to the measured and indicated categories, which will support a feasibility study.
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