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Gensource Potash Corporation (TSXV:GSP) announced that it is extending the closing of its current non-brokered private placement to on or about July 15.
As quoted in the press release:
Further to the announcement of the non-brokered private placement financing on June 2, 2015, the Company is pleased to announce the closing of the private placement financing has been extended to on or about July 15, 2015.
Details of private placement:
In order to complete a resource confirmation program, comprising drilling and 3D seismic over the planned Lazlo mining area Gensource will require $3M, to be expended on Canadian Exploration Expense (CEE) activities (drilling and 3D seismic), plus an additional $1M to be expended on non-CEE expenses (expenses peripheral to the drilling and seismic as well as general working capital) over the coming months.
On that basis, a non-brokered private placement will be initiated for these amounts, made up of flow-through shares (“FT Shares”) and non-flow through shares (“HD Shares”). Total proceeds expected will amount to $4,000,000.It is planned to accomplish the financing in a number of tranches. The first tranche will close on or about June 5th, 2015. The proceeds from this first tranche are expected to be up to $300,000 in FT Shares (3,750,000 shares) issued at $0.08 plus $100,000 (1,428,571 shares) in HD Shares issued at $0.07 each. The remaining, future, tranches will complete the full program amounts.
Each FT Share will be issued as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act (Canada) (“Tax Act”) and are not and will not be “prescribed shares” within the meaning of the section 6202.1 of the regulations to the Tax Act.
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