GSP Gensource Potash Corporation

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Gensource Potash Announces Amendment of Maturity of Promissory Notes

 
SASKATOON, Saskatchewan and London, U.K.  - June 25, 2024 - Gensource Potash Corporation ("Gensource" or the "Company") (AIM/TSXV: GSP), a fertilizer development company focused on sustainable potash production, announces an amendment to the maturity date of the following promissory notes (the "Promissory Notes") issued to Michael Ferguson, CEO and a director of the Company, Wayne Brownlee, a director of the Company and Stephen Dyer, a director of the Company:

·      Promissory Note  - Michael Ferguson                   $100,000 principal amount outstanding

·      Original Terms                                                             Unsecured and bears interest at a rate of 0% per annum

·      Original Maturity Date                                               June 25 ,2024

·      Amended Maturity Date                                           December 24, 2024

·      Promissory Note - Wayne Brownlee                    $100,000 principal amount outstanding

·      Original Terms                                                             Unsecured and bears interest at a rate of 0% per annum

·      Original Maturity Date                                               June 25 ,2024

·      Amended Maturity Date                                           December 24, 2024

·      Promissory Note - Stephen Dyer                           $100,000 principal amount outstanding

·      Original Terms                                                             Unsecured and bears interest at a rate of 0% per annum

·      Original Maturity Date                                               June 25 ,2024

·      Amended Maturity Date                                           December 24, 2024

As the directors are insiders of the Company, the amendment to the maturity date of the Promissory Notes is deemed to be a "related party transaction" as defined under MI 61-101. 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.

The Company varying the terms of the Promissory Notes with Mr. Ferguson, Mr. Brownlee and Mr. Dyer constitutes related party transactions under Rule 13 of AIM Rules for Companies. The directors of the Company, other than Mr. Ferguson, Mr. Brownlee and Mr. Dyer, confirm that they consider that the amendment to the maturity date of the Promissory Notes to be fair and reasonable insofar as its shareholders are concerned.

For further information on Gensource Potash, please contact:

For any press enquiries please contact Gensource at 306-974-6414. Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca

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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 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 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.