Gensource Announces Results of Annual and Special Meeting
Gensource Announces Results of Annual and Special Meeting
SASKATOON, Saskatchewan--(BUSINESS WIRE)--June 26, 2019--Gensource Potash
Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to announce the
results of its annual and special meeting of shareholders held on June 21, 2019. At the meeting,
the Gensource shareholders:
• Re-elected Michael Ferguson, Paul Martin, Michael Mueller and Calvin Redlick to the
Board of Directors;
• Re-appointed MNP LLP, Chartered Accountants as auditor of the Company and
authorized the Board of Directors to fix the auditor’s remuneration;
• Re-approved the Company’s rolling stock option plan; and
• Approved the Company’s shareholder rights plan.
Holders of 123,831,191 shares (representing approximately 34% of the outstanding shares of the
Company) were present in person or by proxy and voted at the meeting.
Further, the following were re-appointed as officers of the Company:
• Michael Ferguson – President and Chief Executive Officer
• Robert Theoret - Chief Financial Officer
• Deborah Morsky – Vice-President Corporate Services and Corporate Secretary
After congratulating Gensource’s team and highlighting Deborah Morsky’s invaluable
dedication to the operation of the Company, Mike Ferguson went on to explain the corporate
vision of “Why”: the purpose of Gensource’s existence.
With the view that mining practices need to change such that helping to feed the world through
potash fertilizers does not leave large social and environmental scars, Gensource continues its
march forward to delivering cheaper and cleaner potash fertilizer while providing the ultimate
buyer, the farmer, a choice in the supply of this vital crop nutrient. While Gensource’s first
project is small, with an annual production of only 250,000 tonnes, its implications are much
broader than just the planned tonnage of the product. The entry of a new and independent
producer in the industry will be a breakthrough. With Gensource showing the way with small-
scale, efficient, low-cost and environmentally sustainable production modules, it begins the
eventual evolution of the industry from large-scale mining-oriented production to a
manufacturing model where production can be implemented quickly and cheaply as the market
demands it. Further, by creating a shorter and more efficient supply chain, the ultimate aim is to
give the farmer not only more certain, but also more economic access to potash.
By detailing Gensource’s Corporate Mission: “To create a series of independent, scalable and
environmentally sustainable potash production facilities”, Mike Ferguson:
• reviewed the advances made in the company’s strategic business plan,
• detailed the affirmation by the potash industry (distribution, retail and consumer) for the
need of small-scale production processes that minimize environmental degradation while
delivering leadership in corporate social responsibility, and
• confirmed industry demand for a open, transparent and efficient supply chain that
Gensource calls vertical integration.
Subsequent to the meeting, Mike Ferguson, President & CEO, commented, “We are extremely
pleased to see such a large percentage of our shares represented at the meeting. This speaks to
the very high level of understanding and engagement within our shareholder group. What we are
building represents a long-term investment, but one we believe will deliver outstanding
shareholder value. They key lies in the correspondingly long-term vision of our shareholders
who understand the vision and support it.”
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash
production facility in that province. Gensource’s President and CEO, Mike Ferguson, P.Eng., has
assembled a management and technical team with direct and specific expertise and experience in
potash development in Saskatchewan.
Gensource operates under a business plan that has two key components - vertical integration with
the market to ensure that all production capacity built is directed to a specific market, eliminating
market-side risk; and, technical innovation which will allow for a small and economic potash
production facility, while the same time demonstrating significant reductions in community and
environmental impact. For further information please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and Gensource cautions readers
that forward- looking information is based on certain assumptions and risk factors that could
cause actual results to differ materially from the expectations of Gensource included in this news
release. This news release includes certain "forward-looking statements”, which often, but not
always, can be identified by the use of words such as "believes", "anticipates", "expects",
"estimates", "may", "could", "would", "will", or "plan". These statements are based on
information currently available to Gensource and Gensource provides no assurance that actual
results will meet management's expectations. Forward-looking statements include estimates and
statements with respect to Gensource’s future plans, objectives or goals, to the effect that
Gensource or management expects a stated condition or result to occur, including the ability to
finance the Vanguard One or Maverick projects on terms which are economic or at all, the
establishment of vertical integration partnerships and the sourcing of end use potash purchasers.
Since forward-looking statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and uncertainties. Actual results
relating to Gensource’s financial condition and prospects, the ability to finance the Vanguard
One or Maverick projects on terms which are economic or at all, the ability to establish viable
vertical integration partnerships and the sourcing of end use potash purchasers could differ
materially from those currently anticipated in such statements for many reasons such as: failure
to finance the Vanguard One or Maverick projects on terms which are economic or at all; failure
to settle a definitive joint venture agreement with a party and advance and finance the project;
changes in general economic conditions and conditions in the financial markets; the ability to
find and source off-take agreements; changes in demand and prices for potash; litigation,
legislative, environmental and other judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in connection with Gensource’s activities;
and other matters discussed in this news release and in filings made with securities regulators.
This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking
statements. These and other factors should be considered carefully and readers should not place
undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to
update any forward-looking statement that may be made from time to time by Gensource or on
its behalf, except in accordance with applicable securities laws.
Contacts
Gensource Potash Corporation:
Mike Ferguson, President and CEO
Telephone: (306) 974-6414
Email: [email protected]