Gensource Announces Results of Annual and Special Meeting and Provides Tugaske Project Update
Gensource Announces Results of Annual and Special Meeting and Provides
Tugaske Project Update
SASKATOON, Saskatchewan--(BUSINESS WIRE)--June 3, 2020--Gensource Potash
Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to announce the
results of its annual and special meeting (ASM) of shareholders held on May 29, 2020. At the
meeting, the Gensource shareholders:
Elected Michael Ferguson, Paul Martin, Michael Mueller, Calvin Redlick and Amy
O’Shea 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, and;
Re-approved the Company’s stock option plan.
Holders of 121,708,191 shares (representing approximately 31.79% of the outstanding shares of
the Company) were “present” at the virtual web-based ASM or by proxy and voted at the
meeting.
Following the ASM, Gensource held a Board of Directors meeting and re-appointed officers of
the company as follows: Michael Ferguson was re-appointed as President and Chief Executive
Officer; Robert Theoret was re-appointed as Chief Financial Officer, and; Deborah Morsky was
re-appointed as Vice-President Corporate Services and Corporate Secretary.
As part of the meeting, the Company held an interactive question and answer session, dealing
with specific shareholder-posed questions. The questions dealt with the Covid-19 pandemic
impacts, as well as the status of the senior debt due diligence process and expectations around
overall timing of the Tugaske Project financing. If you missed the meeting, please go to
http://gensourcepotash.ca/2019-annual-shareholder-meeting/ to find a full recording of the ASM,
which includes the question and answer session.
About Gensource
Gensource Potash is a fertilizer development company based in Saskatoon, Saskatchewan and is
on track to become the next fertilizer production company in that province. With a small scale
and environmentally leading approach to potash production, Gensource believes its technical and
business model will be the future of the industry. Gensource operates under a business plan that
has two key components: (1) vertical integration with the market to ensure that all production
capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2)
technical innovation which will allow for a small and economic potash production facility, that
demonstrates environmental leadership within the industry, producing no salt tailings, therefore
eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing the
single largest and negative environmental aspect of potash mining.
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 Tugaske Project or other projects, 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 Tugaske Project or other 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 Tugaske Project
or other 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]