Potash

TSXV:GSP

Gensource Potash (TSXV:GSP) announced that it has closed its previously announced non-brokered private placement financing.

Gensource Potash (TSXV:GSP) announced that it has closed its previously announced non-brokered private placement financing.
As quoted in the press release:

The Company raised gross proceeds of $530,099.50 through the sale of 7,572,850 Non-Flow-Through (“HD”) units at $0.07 per share and $1,000,000 through the sale of 12,500,000 flow through (“FT”) units at $0.08 per share. The company paid a total of $19,607 in finders fees and has issued 280,1 00 broker warrants associated with the closing.
The net proceeds from the sale of HD units will be used to advance engineering and begin environmental licensing work for Gensource’s first Lazlo area project and general working capital purposes. Net proceeds from the sale of the FT units will be put towards the planned drilling and seismic program in the Lazlo area.
This financing is part of Gensource’s previously announced plan to continue development work at its Lazlo site. The overall financing was planned at $800,000 in HD units plus up to $3M in FT units (as disclosed in Gensource’s News Release dated October 20, 2015.), with the full proceeds to be collected in a number of tranches. Including the initial tranche closed on November 4th, 2015, Gensource
has now, with the current closing, over achieved the HD target while making significant progress on the FT target.

Gensource Potash CEO, Mike Ferguson, stated:

We are very pleased with the response of the market to our project development plans, which are based on our business plan of vertical integration and small scale operations. We continue to find strong support from those who understand the potash industry and understand our
disruptive business model. We see clearly that the industry should not be defined and controlled from the production side but rather, from the market side. With that as the driving fundamental, together with our selective mining technologies, Gensource continues its plans to become a new, independent, small scale producer in the potash industry.

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