Business
Gensource Potash Announces Extension to the Maturity Date of Convertible Debentures
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES G...
About this update from Gensource Potash Corp.
[{"type":"text","content":"Gensource Potash Announces Extension to the Maturity Date of Convertible Debentures\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n Gensource Potash Corporation (“\n \n Gensource\n \n ” or the “\n \n Company\n \n ”) (TSXV: GSP), a fertilizer development company focused on sustainable potash production, announces an extension to the maturity date of each of the 5% convertible debentures of the Company (the “\n \n Debentures\n \n ”) issued on October 19, 2021 in the principal amount of $2,000,000, from June 30, 2025 to June 30, 2026 (the “\n \n Debenture Amendments\n \n ”). All other terms remain the same.\n \n\n Certain directors, former directors and officers of the Company are holders of Debentures, holding a total of $1,995,000 principal amount of Debentures.) The Debenture Amendments are deemed to be \"related party transactions\" as defined under Multilateral Instrument 61-101-\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(a) of MI 61-101, respectively.\n \n\n The Debenture Amendments remain subject to receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.\n \n\n\n About Gensource:\n \n\n\n Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore e...