Gensource Potash Corporation (“Gensource” or the “Company”)
(TSXV: GSP), a fertilizer development company focused on
sustainable potash production, initially through its Tugaske potash
project (“the “Tugaske Project”) in southern Saskatchewan, today is
pleased to announce that admission to trading (the “Admission”) on
the AIM Market of the London Stock Exchange ("AIM") will take
place, and dealings in its common shares (“Common Shares”) will
commence, at 08:00 GMT today under the symbol (formally the TIDM
code) GSP, the same as its TSX Venture Exchange (“TSXV”)
symbol.
Mike Ferguson, CEO of Gensource, commented:
“The whole of the Gensource team is delighted to begin trading
on AIM today. This milestone will be important in enabling us to
access a global investor base as we progress our strategy of
bringing the Tugaske Project into production. We are confident that
our high margin, de-risked, long life and sustainable project sets
us apart from the rest of the industry. In our view, the strong ESG
profile from the elimination of salt tailings and brine ponds and
significantly reduced fresh water usage, sets a new bar for the
industry. Gensource offers UK, European, North American and other
international investors a unique opportunity to invest not only in
the potash market itself, but also in the future of the potash
market. We will update the market as we march towards the
future.”
The ISIN of the Common Shares is CA37252X1042 and, for the UK,
the SEDOL is BM9DFN1. The Common Shares will continue to trade on
the TSXV following the AIM listing.
At the time of Admission, the Company's total issued share
capital will consist of 418,188,995 Common Shares of no par value.
For the purposes of the Disclosure Guidance and Transparency Rules,
the total number of voting rights in the Company will be
418,188,995. This figure may be used by shareholders as the
denominator for the calculations by which they determine if they
are required to notify their interest in, or a change of their
interest in, the Company under the UK’s Financial Conduct
Authority’s Disclosure Guidance and Transparency Rules.
With respect to the AIM listing, Strand Hanson is acting as
Nominated Adviser to the Company and Peel Hunt is acting as Broker
to the Company. The Company's full AIM Admission Document can be
viewed on the Gensource website at:
http://www.gensourcepotash.ca/aim-rule-26
Unless otherwise defined in this announcement, defined terms are
per the Company’s AIM Admission Document.
Tugaske Project
The Tugaske Project will be the first potash project of its
kind; utilizing innovative, sustainable production methods that are
environmentally sound and socially responsible. The Tugaske Project
will have a decreased physical footprint relative to conventional
potash mining, resulting in less impact on air, water and land.
Additionally, the Tugaske Project is designed for efficiency and
the operating costs are expected to be in the lowest quartile
globally, supporting our projection of a high margin business.
Gensource’s vertical integration with the potash market also sets
it apart and helps ensure that all production capacity is pre-sold,
which supports a significantly de-risked business model, greatly
reducing market-side risk.
Tugaske Project is “shovel ready”
The Company has already achieved key milestones at its Tugaske
Project in Saskatchewan, a tier 1 mining jurisdiction. Key permits
are in place (namely the determination of “not a development” by
the Saskatchewan Ministry of Environment and the approval of a
development permit by the local government at the location of the
Tugaske Project, the RM of Huron No. 223), meaning the Company’s
development partners are ready to commence construction permitting
(subject to the completion of debt financing discussed below, and
other conditions) and initiation of construction activities. The
Tugaske Project’s Proven and Probable Mineral Reserve of over 14.1
million tonnes (reference the Company’s NI 43-101 Technical Report
dated October 14, 2021, available on sedar.com or on the Company’s
website) indicates a minimum expected mine life of more than 56
years, based on annual production of 250,000 tonnes of saleable
muriate of potash.
Debt financing secured for the Tugaske Project
As disclosed on September 23, 2021, the Company received binding
commitment letters subject to certain conditions from KfW IPEX-Bank
and Société Générale (the “Mandated Lead Arrangers”), for a debt
facility of up to C$280 million to finance the debt component of
the Tugaske Project. The commitment from the Mandated Lead
Arrangers highlights a strong endorsement for the Tugaske Project
and signifies an appetite for the Company’s sustainable business
model. Notably, KfW has substantial experience financing fertilizer
development projects globally.
Tugaske Project activities have begun
Initial Tugaske Project activities, including project team
formation and ramp up, additional procurement work for key supply
contracts, confirmation of capital and operating cost estimates,
confirmation of overall project schedule, etc., have already kicked
off with the Company’s engineering and construction partners in
Saskatoon. These initial project start-up activities are financed
by an unsecured debt facility provided to KClean Potash Corporation
(the joint venture corporation that is planned as the vehicle that
will construct and own the Tugaske Project) by HELM AG. The
provision of this initial funding is a strong show of support for
the Tugaske Project by its offtake and future equity partner (see
Gensource news release dated September 2, 2021 for background on
KClean Potash Corporation). The initial project activities
currently underway are expected to take 4-5 months to complete.
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 small and economic potash
production facility, that demonstrates environmental leadership
within the industry by using significantly less water per tonne
compared to conventional solution mining operations, producing no
salt tailings, therefore eliminating decommissioning risk, and
requiring no surface brine ponds, thereby removing the single
largest negative environmental impact 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 the AIM listing, the proposed financing
of the Tugaske Project and the development of the Tugaske Project
and other projects 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 relating to the success of the Tugaske Project and
the financing of the Tugaske Project 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211105005249/en/
Gensource Potash Corporation Mike Ferguson – President
& CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / Rory Murphy / Charles Hammond +44 (0) 20 7409
3494
Peel Hunt LLP (Broker) Ross Allister / David McKeown /
Georgia Langoulant +44 (0) 20 7418 8900
Camarco (Financial PR) Gordon Poole / Nick Hennis /
Charlotte Hollinshead +44 (0) 20 3757 4997
For any press enquiries please contact us on
gensource@camarco.co.uk
Gensource Potash (TSXV:GSP)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Gensource Potash (TSXV:GSP)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024