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Gensource Announces Brokered Private Placement for up to $4,000,000
Gensource Announces Brokered Private Placement for up to $4,000,000 Gensource Anno...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nGensource Announces Brokered Private Placement for up to $4,000,000\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGensource Announces Brokered Private Placement for up to $4,000,000\nCanada NewsWire\nSASKATOON, July 18, 2016\n\n\n\nSASKATOON, July 18, 2016 /CNW/ - Gensource Potash Corporation (\"Gensource\" or the \"Company\") (TSX.V: GSP) is pleased to announce that it has engaged Industrial Alliance Securities Inc. (\"IA\") as sole agent in connection with a proposed best efforts marketed private placement for gross proceeds of up to $4,000,000 (the \"Offering\"). The Offering will consist of the sale of up to 27,777,777 common shares in the capital stock of the Company (the \"Common Shares\") at a price of $0.09 per Common Share and up to 13,636,363 Common Shares issued on a flow-through basis (the \"Flow-Through Shares\") at a price of $0.11 per Flow-Through Share. In addition, the Company has also granted IA an option (the \"Agent's Option\"), exercisable up to 48 hours prior to the closing of the Offering, to cause the Company to issue up to an additional 15% of the maximum of the Offering in Common Shares and/or Flow-Through Shares.\n\nThe Company intends to use the proceeds from the Offering for drilling, seismic and engineering related to pre-feasibility work for the Lazlo Project, and for the Vanguard Project upon completion of the acquisition with Yancoal Canada Resources Co. Ltd. (\"YCR\"), as well as for general working capital purposes. The gross proceeds from the sale of the Flow-Through Share portion of the Offering will be used to fund \"Canadian exploration expenses\" (\"CEE\") (within the meaning of the Income Tax Act (Canada) (the \"Tax Act\")) related to the Company's projects in Saskatchewan, and the Company will use its best efforts to ensure that such CEE qualify as a \"flow-through mining expenditure\", for purposes of the Tax Act, related to the exploration of the Company's exploration projects. The Company will renounce such CEE with an effective date of no later than December 31, 2016.\n\nThe Offering will take place by way of a priv...