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Gensource announces closing of non-brokered private placement
Gensource announces closing of non-brokered private placement Gensource announces ...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nGensource announces closing of non-brokered private placement\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 closing of non-brokered private placement\nCanada NewsWire\nSASKATOON, Dec. 28, 2015\n\n\n\nSASKATOON, Dec. 28, 2015 /CNW/ - Gensource Potash Corporation (\"Gensource\" or the \"Company\") (TSX.V: GSP) is pleased to announce that it has closed its previously announced non-brokered private placement financing.  The Company raised gross proceeds of $530,099.50 through the sale of 7,572,850 Non-Flow-Through (\"HD\") units at $0.07 per share and $1,000,000 through the sale of 12,500,000 flow through (\"FT\") units at $0.08 per share.  The company paid a total of $19,607 in finders fees and has issued 280,100 broker warrants associated with the closing.\n\nEach Unit consisted of one (1) common share and one-half (1/2) common share purchase warrant (\"Warrant\"). Each whole Warrant will entitle the holder to acquire an additional common share at a price of $0.12 for a period of twenty-four (24) months. Each Broker Warrant will entitle the holder thereof to purchase one Unit at an exercise price of $0.07 for a period of 24 months following the Closing Date.  The net proceeds from the sale of HD units will be used to advance engineering and begin environmental licensing work for Gensource's first Lazlo area project and general working capital purposes.  Net proceeds from the sale of the FT units will be put towards the planned drilling and seismic program in the Lazlo area.\n\nAll securities issued in conjunction with the Offering are subject to a four-month statutory hold period in Canada, and completion of the Offering is subject to approval of the TSX Venture Exchange.\n\nThis financing is part of Gensource's previously announced plan to continue  development work at its Lazlo site.  The overall financing was planned at $800,000 in HD units plus up to $3M in FT units (as disclosed in Gensource's News Release dated October 20, 2015.), with the full proceeds to be collected in a number of tranches. 
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