SASKATOON, Nov. 4, 2015 /CNW/ - Gensource Potash
Corporation ("Gensource" or the "Company")
(TSX.V: GSP) announces it has closed its previously
announced non-brokered private placement financing. The
Company raised gross proceeds of $495,220 through the sale of 7,074,571
Non-Flow-Through shares at $0.07 per
share.
Each Unit consisted of one (1) common share and one-half (1/2)
common share purchase warrant ("Warrant"). Each whole Warrant will
entitle the holder to acquire an additional common share at a price
of $0.12 for a period of twenty-four
(24) months. The net proceeds from the sale of Units will be used
to advance engineering and begin environmental licensing work for
Gensource's first Lazlo area project and general working capital
purposes.
All securities issued in conjunction with the Offering are
subject to a four-month statutory hold period in Canada.
Completion of the Offering is subject to approval of the TSX
Venture Exchange.
The net proceeds from the sale of shares will be used
to advance the development of the Lazlo project.
About Gensource
Gensource is based in Saskatoon,
Saskatchewan and is focused on developing the next potash
production facility in that province. Gensource's President and
CEO, Mike Ferguson P.Eng., has
assembled a management and technical team with direct and specific
expertise and experience in potash development in Saskatchewan.
Neither 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 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 the expected timing for release of a
resource estimate and a preliminary economic assessment. 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 relating to, among
other things, results of exploration, the economics of processing
methods, project development, reclamation and capital costs of
Gensource's mineral properties, and Gensource's financial condition
and prospects, could differ materially from those currently
anticipated in such statements for many reasons such as: changes in
general economic conditions and conditions in the financial
markets; the ability to find distributors and source offtake
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.
SOURCE Gensource Potash Corp
