2023 Final Results and Board Change
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
Gensource Potash Corporation (“Gensource” or the “Company”)
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, announces that it has released its
Audited Financial Statements and Management’s discussion and
Analysis (MD&A) for the year ended December 31, 2023.
The detailed results of the Audited Financial Statements and
MD&A are available under the Company’s SEDAR+ profile on
www.sedar.plus.ca or at https://gensourcepotash.ca/financials-
and-presentations/). The highlights in this release should be read
in conjunction with the Audited Financial Statements and MD&A.
The MD&A provides an analysis of comparisons with previous
periods, trends affecting the business and risk factors.
Summary of Key Activities During Q4 2023 and the year ending
December 31
In today's interconnected world, fostering social and
environmental consciousness is not just a choice but an imperative.
Gensource's commitment to social and community values reflects our
purpose and role in supplying a hungry world with potash, a
sustainably produced macronutrient (critical mineral) essential for
society's transition towards a more food-secure future. What sets
us apart is our commitment to environmental stewardship, evident in
our utilization of leading approaches to potash extraction, such as
scalable potash production systems and other practices to minimize
our ecological footprint.
The completion of the financing for the Tugaske Project, our
primary focus, is progressing towards the close of the first step
to a multi-stage funding that will provide total construction
finance (see news release dated December 7, 2023). Tugaske, our
first project of potentially many similar projects, has been
thoroughly vetted by independent third parties through the senior
debt due diligence process. The project is fully permitted and
ready for construction.
Gensource prioritizes community engagement and empowerment,
working closely with local stakeholders to ensure that its
operations benefit the communities in which it operates. Being a
partner in sustainable resource development means participating in
making business decisions that create wealth for a growing
Indigenous community and a growing province. Our community
partnership is a testament to our commitment to sustainable
resource development and our dedication to making business
decisions that benefit our shareholders, the Indigenous community,
and the province.
In 2023, Nekaneet First Nation joined Gensource as an investor
to implement a Saskatchewan project that will bring
multi-generational benefits to our shareholders and the local
community. The Company's Tugaske potash project rests on Treaty 4,
encompassing the lands of the Cree, Saulteaux, Dakota, Nakota and
Lakota, and homeland to the Metis Nation and the lands included in
the traditional territory of Nekaneet First Nation. We are all part
of this Treaty and must take our corporate responsibility seriously
to create real change through meaningful engagement.
A significant move in our corporate senior management strategy
was to welcome Wayne Brownlee to our team as an independent
director (Chair of the audit committee). Wayne will significantly
enhance our collective knowledge and experience in the finance and
fertilizers industry, not only for moving Tugaske into construction
but also for implementing future projects. With over three decades
of successful senior leadership, communication, and market planning
expertise, Mr. Brownlee will be instrumental in boosting
Gensource's market strategy. With the addition of Mr. Brownlee as
an independent director and Chair of the audit committee,
non-independent director Alton Anderson, CFO, will not seek
re-election to the board at this year’s annual meeting and will
step down effective April 30, 2024 from the board. The result is
improved corporate governance with only one non-independent
director remaining on the board (Mike Ferguson, CEO). The Company
thanks Mr. Anderson for his time serving as a non-independent
director during the transition to an independent director. Mr.
Anderson will continue in his role as CFO of the Company.
According to the International Fertilizer Association (IFA),
consumption of fertilizers worldwide was expected to recover by 4%
in 2023 to 192.5 million metric tons (mmt), but supply and demand
to some degree has been impacted by risk from war, and supply chain
interruption in delivery.
Gensource focuses on delivering long-term value to our
shareholders, customers, employees, and other stakeholders.
Throughout the year, we made significant strides in advancing our
strategic initiatives. Looking ahead, we remain optimistic about
Gensource's prospects. While uncertainties persist in the global
economic landscape, our resilient business model, with Management
and Board’s commitment of time, expertise and financing, the
Company will continue to support the innovations that will enable
it to navigate challenges and capitalize on opportunities.
We are optimistic about the initiatives planned for the upcoming
year, such as new market expansion strategies and investments in
technology and infrastructure. We are proud of our accomplishments
and confident in our ability to sustain growth and profitability in
the years to come.
The following is a recap of significant events in 2023:
- On January 27, 2023, the Company closed the second and final
closing of the non-brokered private placement. The Company issued
11,969,998 Units for aggregate gross proceeds of $1,795,499.70.
Each Unit consists of one common share in the capital stock of the
Company (a “Common Share”) and one Common Share purchase warrant of
the Company (a “Warrant”). Each whole Warrant is exercisable for
one Common Share (a “Warrant Share”) at an exercise price of $0.30
per Warrant Share for a period of 24 months following the date of
issuance.
- On May 29, 2023, the Company completed a non-brokered private
placement offering of Units at a price of $0.15 per unit. At the
closing, the Company issued 6,118,583 units for aggregate gross
proceeds of $917,787.45. Each Unit consists of one common share in
the capital stock of the Company (a “Common Share”) and one Common
Share purchase warrant of the Company (a “Warrant”). Each whole
Warrant is exercisable for one Common Share (a “Warrant Share”) at
an exercise price of $0.30 per Warrant Share for a period of 24
months following the date of issuance.
- On October 2, 2023, the Company completed a non-brokered
private placement offering of Units at a price of $0.15 per unit.
At the closing the Company issued 4,763,588 units for aggregate
gross proceeds of $729,538. Each Unit consists of one common share
in the capital stock of the Company (a “Common Share”) and one
Common Share purchase warrant of the Company (a “Warrant”). Each
Warrant will be exercisable for one Common Share (a “Warrant
Share”) at an exercise price of $0.30 per Warrant Share for a
period of 24 months following the date of issuance.
- The Company had cash of $409,488 as at December 31, 2023
compared to $973,520 at September 30, 2023 and $337,831 at December
31, 2022.
Further information on Gensource Potash Corporation can be found
at 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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version on businesswire.com: https://www.businesswire.com/news/home/20240429163029/en/
For further information on Gensource Potash:
Gensource Potash Corporation Mike Ferguson – President
& CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / Rory Murphy / Charles Hammond +44 (0) 20 7409
3494
Peel Hunt LLP (Broker) Ross Allister / David McKeown /
Georgia Langoulant +44 (0) 20 7418 8900
For any press enquiries please contact Gensource at
306-974-6414.
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