REG - Gensource Potash - Mailing of Information Circular

Gensource PotashAnnouncement

26/05/2023 07:00

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RNS Number : 7409A  Gensource Potash Corporation  26 May 2023

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Gensource Potash Announces Mailing of Meeting Materials and Proposed
Amendments to its Articles

 
SASKATOON, Saskatchewan and London, U.K.  - May 26, 2023 - Gensource Potash
Corporation ("Gensource" or the "Company") (AIM/TSXV: GSP), a fertilizer
development company focused on sustainable potash production, today announced
that it has mailed an information circular and related meeting materials in
connection with the upcoming annual and special meeting of the shareholders of
the Company ("Shareholders") to be held on June 28, 2023 at 9:00 a.m.
(Saskatchewan Time) (the "Meeting").

At the Meeting, Shareholders will be asked to consider, among other items of
business, a special resolution approving articles of amendment of the Company
(the "Amended Articles").

The Amended Articles amend the existing articles of the Company by authorizing
the directors of the Company to appoint one or more directors between meetings
of Shareholders, which directors shall hold office for a term expiring not
later than the close of the next annual meeting of Shareholders following this
appointment, provided that the total number of directors so appointed may not
exceed one‑third of the number of directors elected at the previous annual
meeting of Shareholders (the "Board Authorization").

The Company may identify an individual who could make a valuable contribution
to the Company as a director in between annual meetings of the Shareholders.
The adoption of the Board Authorization would permit the Company to capitalize
on opportunities to invite individuals to take the position of director
without first creating a vacancy by requiring a current director to resign. By
adopting the Board Authorization, it will be possible to more quickly take
advantage of opportunities to augment the board of directors of the Company.
At the same time, given the limitation on the number of directors who can be
added between meetings and the expiry of the term of such directors at the
next annual meeting, the Shareholders maintain their control over the
composition of the board of directors of the Company.

Management recommends that the Shareholders vote for the special resolution
which authorizes and approves the Amended Articles.

 

The Amended Articles will only be effective if passed by a special resolution
of Shareholders holding at least 66⅔% of the common shares of the Company
present in person or by proxy at the Meeting and entitled to vote at the
Meeting.

 

The TSX Venture Exchange has conditionally approved the Amended Articles. The
Amended Articles remain subject to the final approval of the TSX Venture
Exchange.

 

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.

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

 

For any press enquiries please contact Gensource at 306-974-6414.

 

Further information on Gensource Potash Corporation can be found at
www.gensourcepotash.ca (http://www.gensourcepotash.ca)

Follow us on twitter @GensourcePotash

 

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 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 the 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; 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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