| To: Goose94 who wrote (114816) | 10/19/2021 6:30:17 PM | | From: Goose94 | | | | | Transforma Resources (TFM-V) name/symbol change from Cresval Capital (CRV) effective Oct 22nd 2021 |
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| To: Goose94 who wrote (113753) | 10/19/2021 6:39:04 PM | | From: Goose94 | | | | Gensource Potash (GSP-V) Closing Of PP Offering Of Convertible Debentures
Oct 19, '21 - NR
Gensource Potash Corp. has completed the previously announced non-brokered private placement offering of up to $2-million principal amount of 5-per-cent convertible redeemable unsecured debentures of the company at a price of $1,000 per debenture.
The net proceeds received by Gensource from the offering are intended to be used to meet the company's capital requirements for its previously announced intention to list its common shares on the AIM Market of the London Stock Exchange PLC, which it hopes to achieve in early November.
Mike Ferguson, president and chief executive officer, said: "I am so pleased to report that offering was taken up by the core group of the company. This direct and tangible support from the Gensource team should surprise no one. The team believes deeply in what Gensource is doing and is ready, as evidenced by this offering, to stand behind that belief in a material way."
All directors and officers of the company participated in the offering, purchasing a total of $1,985,000 principal amount of debentures (the remaining amounts were purchased by other employees of the company). These insider subscriptions are deemed to be related party transactions as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(a) of MI 61-101, respectively.
The debentures bear interest at a rate of 5 per cent per annum from the date of issue, payable in arrears on the maturity date of the debentures, which will be June 30, 2023 (the maturity date). The principal amount of each debenture are convertible, in whole or in part, for no additional consideration, into common shares of the company at the option of the holder at any time prior to the earlier of: (i) the close of business on the maturity date, and (ii) the business day immediately preceding the date specified by the company for redemption of the debentures, at a conversion price equal to 34 cents per common share.
The debentures issued pursuant to the offering will be subject to a hold period of four months plus a day expiring Feb. 19, 2022.
The offering remains subject to receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.
About Gensource Potash Corp.
Gensource is a fertilizer development company based in Saskatoon, Sask., and is on track to become the next fertilizer production company in that province. With a small-scale 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 presold to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a small and economic potash production facility that demonstrates environmental leadership within the industry by using significantly less water per tonne compared with conventional solution mining operations, producing no salt tailings, therefore eliminating decommissioning risk and requiring no surface brine ponds, thereby removing the single largest negative environmental impact of potash mining.
Gensource Potash Corporation:
Mike Ferguson, President & CEO
mike@gensource.ca |
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