Gensource Announces Completion of Final Cash Payment with Respect to its Asset Purchase Agreement and Off Take Term Sheet
Gensource Potash (TSXV:GSP) announce that it has completed its final payment associated with the Asset Purchase Agreement and off-take term sheet.
Gensource submitted the second payment on July 8, 2016 in the amount of CAD$ 1.24M . This final payment completes the financial requirements under the APA, for a total purchase price of CAD$ 2.48M , which funds are being held in trust pending closing. The remaining items required to fully close the transaction are the issuance of the final leases by the Government of Saskatchewan and the completion and execution of the definitive off take agreement between Yancoal Canada Resources Co. Ltd. (“YCR“) and Gensource.
Gensource Potash President and CEO, Mike Ferguson, stated:
Having made the second cash payment for the two leases being acquired under the APA is a significant milestone for Gensource. The remaining items required to fully close the transaction, the leases being issued by the Government of Saskatchewan and the completion of the definitive off take agreement, are on schedule and progressing well, as expected. We are very excited at the prospect of closing this transaction shortly and moving ahead quickly with the final development of the first Vanguard project. We firmly believe that Gensource’s approach to potash production will set the bar higher in the industry – both in terms of the modern methods and technologies used to produce potash, as well as the business model employed to ensure that Saskatchewan potash moves from our Province to the areas around the world that need it, in the most direct and efficient manner possible.