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Gensource announces closing of the first tranche of non-brokered private placement
Gensource announces closing of the first tranche of non-brokered private placement ...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nGensource announces closing of the first tranche 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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\nGensource announces closing of the first tranche of non-brokered private placement\nCanada NewsWire\nSASKATOON, May 6, 2016\n\n\n\nSASKATOON, May 6, 2016 /CNW/ - Further to its news releases dated April 21 and 23, 2016, Gensource Potash Corporation (\"Gensource\" or the \"Company\") (TSX.V: GSP) is pleased to announce that it has completed tranche one of its previously announced non-brokered private placement financing (the \"Offering\").  Tranche one of the Offering consisted of the sale of 24,910,285 units (the \"Units\") at $0.07 per Unit for aggregate gross proceeds of $1,743,720.00. Tranche two of the Offering is expected to close within the next 10 days.\n\nEach Unit consisted of one (1) common share and one-half (1/2) of one common share purchase warrant (\"Warrant\"). Each whole Warrant shall entitle the holder to acquire an additional common share at a price of $0.12 for a period of twenty-four (24) months from the date of issuance. \n\nThe net proceeds from the sale of the Units will be applied to acquisition cost of the mineral leases from Yancoal Canada Resources Co. Ltd. (\"YCR\") as announced on April 6, 2016, to advance project work in Gensource's Vanguard Project Area and for general working capital purposes\n\nThe Company also paid a total of $55,458.20 in finders fees and has issued 792,260 broker warrants in connection with the Offering. 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 of the Offering. \n\nAll securities issued in conjunction with the Offering are subject to a statutory four-month and one day hold period.\n\nMike Ferguson, President & CEO of Gensource commented, \"We are very pleased with the market interest in this financing.  Initially, we set out to raise $1.5 M, but demand quickly grew beyond that.  With a second closing or tranche to t...