Gensource Potash Corporation (“Gensource” or the
“Company”) (TSX.V: GSP) is pleased to announce that
it has entered into an engagement letter (“Engagement”) with a team
of Industrial Alliance Securities Inc. (“IA”) and its syndication
partner, US-based Heritage Capital Group (“Heritage”). Heritage is
the Agriculture Practice Leader within the Oaklins Group, a close
association of industry professionals spanning North America and
the globe.
The IA/Heritage team will act as the Company’s agent to lead an
initiative to engage a US-based market partner for one of
Gensource’s small scale potash facilities and subsequently assemble
the full financing package for the project.
The Engagement brings together a highly experienced and capable
team consisting of Gensource as the project developer and
IA/Heritage as the connection to the market partner as well as the
group capable of assembling the required financing: the three key
components for moving a project to production.
IA/Heritage brings a direct and intimate knowledge of the U.S.
agriculture market and will make connections between Gensource and
specifically targeted, highly qualified and credit-worthy potential
market partners operating in the agriculture industry,
predominantly within the US corn belt. Subsequently, the team will
act, on a best efforts basis, to complete the full financing for a
project that will serve the identified market partner.
Gensource’s business model is based on small size and vertical
integration. To-date, the Company has completed a feasibility study
on its small scale selective solution mining technologies in
Saskatchewan, which has confirmed excellent economics and low risk
for such a project (see news release dated 31May2017, and the NI
43-101 Feasibility Study filed on www.SEDAR.com). Gensource has
already engaged market partners to form joint ventures to implement
a project and will continue to work with others to create
additional joint ventures and therefore additional dedicated
projects. The initiative announced today is, in every way, aligned
with Gensource’s intent to have several of its small-scale projects
in place, each owned and operated under an independent joint
venture, each supplying product directly to its intended
market.
The Engagement is a strategic and focused move into the US
market with Gensource’s business model. The US potash market is
large and shipping costs from Saskatchewan are much lower compared
to overseas markets, making the US farmer a great candidate to
benefit from direct access to a vital crop input at a controlled
price.
Gensource President & CEO, Mike Ferguson, said “We are
excited to begin our targeted move into the US market with our
vertical integration business plan. While we are technically a
“mining company” – we must mine to obtain the potash product – we
see ourselves as an “agricultural input company”. The world of
potash production has historically had barriers to entry high
enough to stop the natural vertical integration, or supply chain
control, that is the normal evolution of business, particularly
agricultural businesses. We have broken down those barriers and can
now offer the opportunity of vertical integration, or input cost
control, to agricultural producers. We look forward to offering
this opportunity to the business savvy US farmer, and we are
pleased to engage IA/Heritage who have the connections and track
record to help bring this opportunity to fruition.”
About Industrial Alliance Securities Inc
Industrial Alliance Securities Inc. is a wholly owned subsidiary
of Industrial Alliance Insurance and Financial Services Inc.
Founded in 1892, IA Financial Group celebrates its 125th
anniversary this year. It is one of the four largest life and
health insurance companies in Canada with over $132
billion of assets under management and is among the largest
publicly-traded companies in the country. IA Financial Group
stock is listed on the Toronto Stock Exchange under the ticker
symbol IAG. More information is available at
https://ia.ca/about-us
About Heritage Capital/Oaklins Agriculture
Heritage Capital Group is an independent investment banking and
financial advisory firm serving middle-market and emerging growth
companies in the U.S. and worldwide. For more than 40 years, Herita
ge has provided objective advice to private companies in the areas
of mergers, acquisitions and divestitures; business valuations;
debt and equity capital raises; corporate restructurings; and
financial and strategic advisory services focused on enhancing the
value of business enterprises. Heritage Capital Group
is a FINRA registered broker-dealer, and leads the Global
Agricultural practice of Oaklins, the world's leading mid-market
advisor. Oaklins has closed 1,500 deals in the past 5 years across
the globe. To ensure the best results they always involve industry
specialists, take a global view and leverage deep local connections
spanning 63 offices in 40 countries. More information is available
at www.heritagecapitalgroup.com and www.oaklins.com.
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.
Gensource operates under a business plan that has two key
components - vertical integration with the market to ensure that
all production capacity built is directed to a specific market,
eliminating market-side risk; and, technical innovation which will
allow for a small and economic potash production facility, the
output of which can then be directed to a single, specific market.
For more information, visit www.gensource.ca
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 funding and development pursuant to
investors identified pursuant to the Engagement and the definitive
joint venture agreement with Essel Group Middle East Limited
(“EGME”), the veracity of the reserve estimate and the ability to
implement the feasibility study and undertake mineral production
that is feasible on a technical or economic basis, and the
establishment of vertical integration partnerships and the sourcing
of end use potash purchasers. 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, funding and
development pursuant to investors identified pursuant to the
Engagement and the definitive joint venture agreement with the
EGME, results of exploration, the economics of processing methods,
project development, reclamation and capital costs of Gensource’s
mineral properties, the ability to implement the feasibility study
and undertake mineral production that is feasible on a technical or
economic basis, Gensource’s financial condition and prospects, the
ability to establish viable vertical integration partnerships and
the sourcing of end use potash purchasers, could differ materially
from those currently anticipated in such statements for many
reasons such as: failure to obtain funding and development pursuant
to investors identified pursuant to the Engagement and the
definitive joint venture agreement with the EGME, results of
exploration, the economics of processing methods, project
development; the inability to implement the feasibility study and
undertake mineral production that is feasible on a technical or
economic basis; changes in general economic conditions and
conditions in the financial markets; the ability to find
distributors 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170906005754/en/
Gensource Potash Corporation:Mike Ferguson,
306-974-6414President & CEOmike@gensource.ca
Gensource Potash (TSXV:GSP)
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