REG - Gensource Potash - Director/PDMR Exercise of Options and Dealing
14/06/2022 07:00
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RNS Number : 7247O Gensource Potash Corporation 14 June 2022
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
GENSOURCE POTASH ANNOUNCES
Director/PDMR Exercise of Options and Dealing
SASKATOON, Saskatchewan and London, U.K., June 14, 2022 - Gensource Potash
Corporation ("Gensource" or the "Company") (TSXV: GSP, AIM: GSP) announces the
following transactions:
On June 13, 2022, Michael Ferguson (CEO) exercised, for cash, 1,000,000 stock
options ("Options") at C$0.13 per common share ("Common Share"), Deborah
Morsky (PDMR) exercised for cash, 1,000,000 Options at C$0.13 per Common Share
and Robert Theoret (PDMR) exercised, for cash, 807,000 Options at C$0.13 per
Common Share in return for the issue of 1,000,000, 1,000,000, 807,000 new
Common Shares to Michael Ferguson, Deborah Morsky and Robert Theoret,
respectively. A non-PDMR has also exercised 500,000 Options in return for
500,000 Common Shares at a price of C$0.13 on June 13, 2022.
In order to finance the exercise of the Options, Deborah Morsky and Robert
Theoret have sold 500,000 and 375,000 Common Shares respectively at a price of
C$0.27. The resultant holding of Michael Ferguson, Deborah Morsky and Robert
Theoret following the exercise of the Options and the sale of Common Shares
(where applicable), is 17,732,708, 6,649,771 and 10,012,750 Common Shares,
respectively.
Following the exercise of the Options, the Company shall have a total of
27,550,000 options in issue under the Company's share option plan (as
adopted in June 2018).
Application has been made for a total of 3,307,000 new Common Shares to be
admitted to trading on AIM ("Admission"). It is expected that Admission will
occur on June 17, 2022. Following Admission, the Company will have 424,395,995
Common Shares in issue with voting rights and admitted to trading on AIM. This
figure may be used as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to,
their interest in the share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Michael Ferguson
2 Reason for the notification
a) Position/status Chief Executive Officer
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 instrument, type of instrument Gensource Potash Corp Common Shares
Identification code ISIN: CA37252X1042
b) Nature of the transaction Exercise of options
c) Price(s) and volume(s)
Price Volume
$0.13 1,000,000
d) Aggregated information
- Aggregated volume
- Price 1,000,000 Common Shares
0.13 Canadian dollars per share
e) Date of the transaction June 13(th), 2022
f) Place of the transaction TSX-V Exchange
d)
Aggregated information
- Aggregated volume
- Price
1,000,000 Common Shares
0.13 Canadian dollars per share
e)
Date of the transaction
June 13(th), 2022
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 and Corporate Secretary
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 instrument, type of instrument Gensource Potash Corp Common Shares
Identification code ISIN: CA37252X1042
b) Nature of the transaction 1) Disposal of shares
2) Exercise of options
c) Price(s) and volume(s) 1) Disposal of shares
Price Volume
$0.27 500,000
2) Exercise of options
Price Volume
$0.13 1,000,000
d) Aggregated information 1) Disposal of shares
- Aggregated volume
- Price 500,000 Common Shares
0.27 Canadian dollars per share
- Aggregated volume
- Price 2) Exercise of options
1,000,000 Common Shares
0.13 Canadian dollars per share
e) Date of the transaction June 13(th), 2022
f) Place of the transaction TSX-V Exchange
2) Exercise of options
Price Volume
$0.13 1,000,000
d)
Aggregated information
- Aggregated volume
- Price
- Aggregated volume
- Price
1) Disposal of shares
500,000 Common Shares
0.27 Canadian dollars per share
2) Exercise of options
1,000,000 Common Shares
0.13 Canadian dollars per share
e)
Date of the transaction
June 13(th), 2022
f)
Place of the transaction
TSX-V Exchange
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Rob 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 instrument, type of instrument Gensource Potash Corp Common Shares
Identification code ISIN: CA37252X1042
b) Nature of the transaction 1) Disposal of shares
2) Exercise of options
c) Price(s) and volume(s) 1) Disposal of shares
Price Volume
$0.27 375,000
2) Exercise of options
Price Volume
$0.13 807,000
d) Aggregated information 1) Disposal of shares
- Aggregated volume
- Price 375,000 Common Shares
0.27 Canadian dollars per share
- Aggregated volume
- Price 2) Exercise of options
807,000 Common Shares
0.13 Canadian dollars per share
e) Date of the transaction June 13(th), 2022
f) Place of the transaction TSX-V Exchange
2) Exercise of options
Price Volume
$0.13 807,000
d)
Aggregated information
- Aggregated volume
- Price
- Aggregated volume
- Price
1) Disposal of shares
375,000 Common Shares
0.27 Canadian dollars per share
2) Exercise of options
807,000 Common Shares
0.13 Canadian dollars per share
e)
Date of the transaction
June 13(th), 2022
f)
Place of the transaction
TSX-V Exchange
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
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 (http://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 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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