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RNS Number : 7409A
Gensource Potash Corporation
26 May 2023
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Gensource Potash Announces Mailing of Meeting Materials and
Proposed Amendments to its Articles
SASKATOON, Saskatchewan and London, U.K. - May 26, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a fertilizer development company focused on
sustainable potash production, today announced that it has mailed
an information circular and related meeting materials in connection
with the upcoming annual and special meeting of the shareholders of
the Company ("Shareholders") to be held on June 28, 2023 at 9:00
a.m. (Saskatchewan Time) (the "Meeting").
At the Meeting, Shareholders will be asked to consider, among
other items of business, a special resolution approving articles of
amendment of the Company (the "Amended Articles").
The Amended Articles amend the existing articles of the Company
by authorizing the directors of the Company to appoint one or more
directors between meetings of Shareholders, which directors shall
hold office for a term expiring not later than the close of the
next annual meeting of Shareholders following this appointment,
provided that the total number of directors so appointed may not
exceed one -- third of the number of directors elected at the
previous annual meeting of Shareholders (the "Board
Authorization").
The Company may identify an individual who could make a valuable
contribution to the Company as a director in between annual
meetings of the Shareholders. The adoption of the Board
Authorization would permit the Company to capitalize on
opportunities to invite individuals to take the position of
director without first creating a vacancy by requiring a current
director to resign. By adopting the Board Authorization, it will be
possible to more quickly take advantage of opportunities to augment
the board of directors of the Company. At the same time, given the
limitation on the number of directors who can be added between
meetings and the expiry of the term of such directors at the next
annual meeting, the Shareholders maintain their control over the
composition of the board of directors of the Company.
Management recommends that the Shareholders vote for the special
resolution which authorizes and approves the Amended Articles.
The Amended Articles will only be effective if passed by a
special resolution of Shareholders holding at least 662/3% of the
common shares of the Company present in person or by proxy at the
Meeting and entitled to vote at the Meeting.
The TSX Venture Exchange has conditionally approved the Amended
Articles. The Amended Articles remain subject to the final approval
of the TSX Venture Exchange.
About Gensource
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
eliminating decommissioning risk, and requiring no surface brine
ponds, thereby removing the single largest and negative
environmental aspect of potash mining.
For further information on Gensource Potash, please contact:
Gensource Potash Corporation
Mike Ferguson - President & CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial
Adviser) +44 (0) 20 7409 3494
Ritchie Balmer / Rory Murphy / Charles Hammond
Peel Hunt LLP (Broker) +44 (0) 20 7418 8900
Ross Allister / David McKeown / Georgia
Langoulant
For any press enquiries please contact Gensource at
306-974-6414.
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca
Follow us on twitter @GensourcePotash
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and
Gensource cautions readers that forward-looking information is
based on certain assumptions and risk factors that could cause
actual results to differ materially from the expectations of
Gensource included in this news release. This news release includes
certain "forward-looking statements", which often, but not always,
can be identified by the use of words such as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". These statements are based on information
currently available to Gensource and Gensource provides no
assurance that the actual results will meet management's
expectations.
Forward looking statements include estimates and statements with
respect to Gensource's future plans, objectives or goals, to the
effect that Gensource or management expects a stated condition or
result to occur, including any offering of securities by Gensource.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated in such
statements for many reasons such as: failure to finance the Tugaske
Project or other projects on terms which are economic or at all;
failure to settle a definitive joint venture agreement with a party
and advance and finance the Tugaske Project; changes in general
economic conditions and conditions in the financial markets; the
ability to find and source off-take agreements; changes in demand
and prices for potash; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Gensource's activities; and other matters discussed
in this news release and in filings made with securities
regulators. This list is not exhaustive of the factors that may
affect any of Gensource's forward-looking statements. These and
other factors should be considered carefully, and readers should
not place undue reliance on Gensource's forward-looking statements.
Gensource does not undertake to update any forward-looking
statement that may be made from time to time by Gensource or on its
behalf, except in accordance with applicable securities laws.
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END
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