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Gensource announces completion of final cash payment with respect to its Asset Purchase Agreement and off take term sheet
Gensource announces completion of final cash payment with respect to its Asset Purchase Ag...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nGensource announces completion of final cash payment with respect to its Asset Purchase Agreement and off take term sheet\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGensource announces completion of final cash payment with respect to its Asset Purchase Agreement and off take term sheet\nCanada NewsWire\nSASKATOON, July 11, 2016\n\n\n\nSASKATOON, July 11, 2016 /CNW/ - Gensource Potash Corporation (\"Gensource\" or the \"Company\") (TSX.V: GSP) is pleased to announce that it has completed its final payment associated with the Asset Purchase Agreement (\"APA\") and off-take term sheet (\"Term Sheet\") (announced in a news release dated 06Apr2016). \n\nGensource submitted the second payment on July 8, 2016 in the amount of CAD$ 1.24M. This final payment completes the financial requirements under the APA, for a total purchase price of CAD$ 2.48M, which funds are being held in trust pending closing. The remaining items required to fully close the transaction are the issuance of the final leases by the Government of Saskatchewan and the completion and execution of the definitive off take agreement between Yancoal Canada Resources Co. Ltd. (\"YCR\") and Gensource.\n\nWhen closed, the transaction will result in Gensource owning 100% of two high quality potash production leases as well as a definitive off take agreement for 100% of the planned 250,000 t/y production from one of its new-style environmentally friendly potash production facilities. The off take agreement being negotiated creates a buyer-seller relationship between the parties and Gensource is pleased to be part of this business relationship. \n\nAs a summary of recent events for Gensource:\n\n\nOn April 6, 2016, Gensource announced the execution of the APA with YCR for the purchase of two potash leases.  \nOn April 28, 2016, Gensource announced the completion of an NI 43-101 compliant resource report for the two leases being purchased under the APA, defining an inferred resource on the properties based on the geological work (drilling and seismic) recently completed ...