Gensource Potash Corporation (“Gensource” or the “Company”) (TSXV: GSP, AIM: GSP) announces the following transactions:
On June 13, 2022, Michael Ferguson (CEO) exercised, for cash, 1,000,000 stock options (“Options”) at C$0.13 per common share (“Common Share”), Deborah Morsky (PDMR) exercised for cash, 1,000,000 Options at C$0.13 per Common Share and Robert Theoret (PDMR) exercised, for cash, 807,000 Options at C$0.13 per Common Share in return for the issue of 1,000,000, 1,000,000, 807,000 new Common Shares to Michael Ferguson, Deborah Morsky and Robert Theoret, respectively. A non-PDMR has also exercised 500,000 Options in return for 500,000 Common Shares at a price of C$0.13 on June 13, 2022.
In order to finance the exercise of the Options, Deborah Morsky and Robert Theoret have sold 500,000 and 375,000 Common Shares respectively at a price of C$0.27. The resultant holding of Michael Ferguson, Deborah Morsky and Robert Theoret following the exercise of the Options and the sale of Common Shares (where applicable), is 17,732,708, 6,649,771 and 10,012,750 Common Shares, respectively.
Following the exercise of the Options, the Company shall have a total of 27,550,000 options in issue under the Company’s share option plan (as adopted in June 2018).
Application has been made for a total of 3,307,000 new Common Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will occur on June 17, 2022. Following Admission, the Company will have 424,395,995 Common Shares in issue with voting rights and admitted to trading on AIM. This figure may be used as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a) | Name | Michael Ferguson | |||
2 | Reason for the notification | ||||
a) | Position/status | Chief Executive Officer | |||
b) | Initial notification/Amendment | Initial notification | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Gensource Potash Corporation | |||
b) | LEI | 213800WAVVOPS85N2205 | |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Gensource Potash Corp Common Shares | |||
Identification code
| ISIN: CA37252X1042 | ||||
b) | Nature of the transaction | Exercise of options | |||
c) | Price(s) and volume(s) | ||||
Price | Volume | ||||
$0.13 | 1,000,000 | ||||
d) | Aggregated information | ||||
- Aggregated volume | 1,000,000 Common Shares | ||||
- Price | 0.13 Canadian dollars per share | ||||
e) | Date of the transaction | June 13th, 2022 | |||
f) | Place of the transaction | TSX-V Exchange | |||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Deborah Morsky | |
2 | Reason for the notification | ||
a) | Position/status | Vice-President Corporate Services and Corporate Secretary | |
b) | Initial notification/Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Gensource Potash Corporation | |
b) | LEI | 213800WAVVOPS85N2205 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Gensource Potash Corp Common Shares | |
Identification code | ISIN: CA37252X1042 | ||
b) | Nature of the transaction | 1) Disposal of shares | |
| 2) Exercise of options | |||
c) | Price(s) and volume(s) | 1) Disposal of shares | |
Price | Volume | ||
$0.27 | 500,000 | ||
| 2) Exercise of options | |||
Price | Volume | ||
$0.13 | 1,000,000 | ||
d) | Aggregated information | 1) Disposal of shares | |
- Aggregated volume | 500,000 Common Shares | ||
- Price | 0.27 Canadian dollars per share | ||
| 2) Exercise of options | |||
- Aggregated volume | 1,000,000 Common Shares | ||
- Price | 0.13 Canadian dollars per share | ||
e) | Date of the transaction | June 13th, 2022 | |
f) | Place of the transaction | TSX-V Exchange | |
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
a) | Name | Rob Theoret | |
2 | Reason for the notification | ||
a) | Position/status | Vice-President Finance & Business Development | |
b) | Initial notification/Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Gensource Potash Corporation | |
b) | LEI | 213800WAVVOPS85N2205 | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Gensource Potash Corp Common Shares | |
Identification code | ISIN: CA37252X1042 | ||
b) | Nature of the transaction | 1) Disposal of shares | |
| 2) Exercise of options | |||
c) | Price(s) and volume(s) | 1) Disposal of shares | |
Price | Volume | ||
$0.27 | 375,000 | ||
| 2) Exercise of options | |||
Price | Volume | ||
$0.13 | 807,000 | ||
d) | Aggregated information | 1) Disposal of shares | |
- Aggregated volume | 375,000 Common Shares | ||
- Price | 0.27 Canadian dollars per share | ||
| 2) Exercise of options | |||
- Aggregated volume | 807,000 Common Shares | ||
- Price | 0.13 Canadian dollars per share | ||
e) | Date of the transaction | June 13th, 2022 | |
f) | Place of the transaction | TSX-V Exchange | |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
For any press enquiries please contact us on [email protected]
Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca
Follow us on twitter @GensourcePotash
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.
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 Statement
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 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; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; 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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