Gensource Potash Arranges $800,000 Placement

Gensource Potash Corporation (TSXV:GSP) announced it has arranged a non-brokered private placement of units at a price of seven cents per unit for aggregate gross proceeds of up to $800,000 (11,428,572 shares).
As quoted in the press release:

Each unit will consist of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of 12 cents for a period of 24 months. The net proceeds from the sale of units will be used to advance engineering and begin environmental licensing work for Gensource’s first Lazlo area project and general working capital purposes.
All securities issued in conjunction with the offering will be subject to a four-month statutory hold period in Canada. The company may pay finders’ fees to certain finders consisting of a finder’s fee payable in cash not to exceed 7 per cent of the aggregate gross proceeds from the offering and compensation warrants equal to up to 7 per cent of the total number of units sold under the offering. Each broker warrant will entitle the holder thereof to purchase one unit at an exercise price of seven cents for a period of 24 months following the closing date.

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