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Gensource Potash completes placement for proceeds of USD1.8 million

27th Jan 2023 11:13

(Alliance News) - Gensource Potash Corp on Friday said that it has completed the second and final closing of its previously announced non-brokered private placement, proceeds of which will be used to advance its Tugaske project.

Gensource Potash is a Saskatoon, Canada-based fertiliser development company focused on sustainable potash production. Potash is the term commonly given to potassium used for fertiliser.

At the second and final closing of its share placement, the company issued 12.0 million units for gross proceeds of USD1.8 million.

Pursuant to the terms of the offering, Gensource paid certain finders an aggregate cash commission of USD27,300, and used 157,000 non-transferable warrants.

Proceeds from the sale will be used to advance the Tugaske project in Canada, and for general working capital purposes.

The securities are subject to a hold period of four months plus a day, expiring May 27.

Gensource Potash shares last traded at 16.00 pence each in London on Thursday.

By Holly Beveridge; Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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