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Gensource announces second and final closing of $2,000,000 non-brokered private placement
Gensource announces second and final closing of $2,000,000 non-brokered private placement ...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nGensource announces second and final closing of $2,000,000 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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGensource announces second and final closing of $2,000,000 non-brokered private placement\nCanada NewsWire\nSASKATOON, May 17, 2016\n\n\n\nSASKATOON, May 17, 2016 /CNW/ - Further to its news releases dated April 21 and 23, and May 6, 2016, Gensource Potash Corporation (\"Gensource\" or the \"Company\") (TSX.V: GSP) is pleased to announce that it has completed tranche two 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 consisted of the sale of 3,661,144 Units at $0.07 per Unit for aggregate gross proceeds of $256,280.00.  Each Unit consisted of one (1) common share in the capital stock of the Company (\"Common Share\") and one-half (1/2) of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder thereof to acquire an additional Common Share at a price of $0.12 for a period of 24 months from the date of issuance. \n\nThe net proceeds from the sale of the Units will be applied to the 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 $62,513.20 in finder's fees and issued 893,050 broker warrants (\"Broker Warrants\") to eligible finders 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 connection with the Offering are subject to a statutory four-month and one day hold period.\n\nM...