REG - Gensource Potash - AIM Rules Related Party Transaction Opinion

Gensource PotashAnnouncement

13/09/2022 07:00

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RNS Number : 1879Z  Gensource Potash Corporation  13 September 2022

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Gensource Potash Announces AIM Rules Related Party Transaction Opinion

 

SASKATOON, Saskatchewan and LONDON, U.K., September 13, 2022 - Gensource
Potash Corporation ("Gensource" or the "Company") (TSXV: GSP, AIM: GSP)
announces the following pursuant to the AIM Rules for Companies (the "AIM
Rules").

 

As disclosed by the Company on August 30, 2022, the Company received on May
31, 2022 a promissory note from Michael Ferguson, President, CEO and a
Director of the Company, in the amount of C$250,000 for project related and
general working capital purposes. The promissory note is unsecured, bears
interest at a rate of 0% per annum and matures on July 1, 2023. There were no
fees payable to Michael Ferguson as part of entering into the promissory note.
The Company is entitled to prepay the whole or any part of the indebtedness
evidenced by this note at any time and from time to time without notice, bonus
or penalty of any kind whatsoever.

 

The Company entering into the promissory note with Michael Ferguson
constituted a related party transaction under Rule 13 of AIM Rules. In this
context, the Directors of the Company, other than Michael Ferguson, confirm,
having consulted with the Company's nominated adviser, Strand Hanson Limited,
that they considered that the terms of the promissory note to be fair and
reasonable insofar as its shareholders are concerned.

 

For further information on Gensource Potash, please contact:

 

Gensource Potash Corporation

Mike Ferguson - President & CEO
                                   +1-306-974-6414

 

Strand Hanson Limited (Nominated & Financial Adviser)
       +44 (0) 20 7409 3494

Ritchie Balmer / Rory Murphy / Charles Hammond

 

Peel Hunt LLP
(Broker)
+44 (0) 20 7418 8900

Ross Allister / David McKeown / Georgia Langoulant

 

Camarco (Financial
PR)
+44 (0) 20 3757 4997

Gordon Poole / Charlotte Hollinshead / Lily Pettifar

For any press enquiries please contact us on gensource@camarco.co.uk

 

Further information on Gensource Potash Corporation can be found at
www.gensourcepotash.ca

Follow us on twitter @GensourcePotash

 

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 risk, and requiring no surface brine
ponds, thereby removing the single largest and negative environmental aspect
of potash mining.

 

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 Statement

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 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 complete an offering of securities; 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; an
inability to predict and counteract the effects of COVID-19 on the business of
Gensource, including but not limited to the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour and
international travel and supply chains, failure to obtain required regulatory
approvals; 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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