Gensource Potash Announces Settlement of Legal Claim
Gensource Potash Announces Settlement of Legal Claim
Not for Distribution to U.S. News Wire Services or Dissemination in the United States
SASKATOON, Saskatchewan & LONDON--(BUSINESS WIRE)--February 14, 2022--Gensource Potash
Corporation (“Gensource” or the “Company”) (TSXV: GSP, AIM: GSP) is pleased to announce that the
Company, HELM AG and Michael Ferguson (collectively, the “Defendants”) have entered into a mutual
release and settlement agreement dated February 11, 2022 (the “Settlement Agreement”) with Frank
Eberhardt, Carl F Peters GmbH & Co. and 11664735 Canada Ltd. (collectively, the “Plaintiffs”) with
regards to the statement of claim filed by the Plaintiffs against the Defendants (the “Action”), as
described in the Company’s news release dated June 17, 2021.
The Settlement Agreement resolves all matters arising from the Action. While details of the Settlement
Agreement are confidential, the Company’s board and management note they are pleased with the terms
of the Settlement Agreement.
Gensource’s President and CEO Mike Ferguson commented: “We are pleased to have settled this
matter with the Plaintiffs, which removes a distraction from the Gensource team as we look to move our
Tugaske potash project forward into construction.”
Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca
Follow us on twitter @GensourcePotash
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
About Gensource
Gensource 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 the 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 Statement
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 any offering of securities by Gensource. 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 could differ materially from those currently anticipated in such statements for
many reasons such as: failure to complete an offering of securities; failure to finance the Company’s
Tugaske potash 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 Tugaske potash 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; an inability to predict and
counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects
of COVID-19 on the price of commodities, capital market conditions, restriction on labour and
international travel and supply chains, failure to obtain required regulatory approvals; 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
For further information on Gensource:
Gensource Potash Corporation
Mike Ferguson – President & CEO
+1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / Rory Murphy / Charles Hammond
+44 (0) 20 7409 3494
Peel Hunt LLP (Broker)
Ross Allister / David McKeown / Georgia Langoulant
+44 (0) 20 7418 8900
Camarco (Financial PR)
Gordon Poole / Charlotte Hollinshead / Lily Pettifar
+44 (0) 20 3757 4997
For any press enquiries: