Gensource Announces Private Placement

Gensource Potash Corporation (TSXV:GSP) announced a private placement of units at $0.05 each and flow-through units at $0.06, for combined gross proceeds of up to $1,500,000.

As quoted in the company news:

Each Unit consisted of one (1) common share and one (1) common share purchase warrant. Each whole Warrant will entitle the holder to acquire an additional common share at a price of $0.05 for a period of twenty-four (24) months. Each FT Unit consisted of one (1) common share “to be issued on a “flow-through” basis and one-half (1/2) of one (1) common share purchase warrant. Each whole Warrant will entitle the holder to acquire an additional common share at a price of $0.05 per Warrant Share for a period of twenty-four (24) months.

The proceeds from the sale of FT Units will be used for exploration purposes. The net proceeds from the sale of Units will be used for project development and general working capital purposes.

Click here to read the full Gensource Potash Corporation (TSXV:GSP) press release.