Gensource Potash Announces Settlement of Legal Claim
14 Febrero 2022 - 2:06AM
Business Wire
Not for Distribution to U.S. News Wire Services
or Dissemination in the United States
Gensource Potash Corporation (“Gensource” or the “Company”)
(TSXV: GSP, AIM: GSP) is pleased to announce that the Company, HELM
AG and Michael Ferguson (collectively, the “Defendants”) have
entered into a mutual release and settlement agreement dated
February 11, 2022 (the “Settlement Agreement”) with Frank
Eberhardt, Carl F Peters GmbH & Co. and 11664735 Canada Ltd.
(collectively, the “Plaintiffs”) with regards to the statement of
claim filed by the Plaintiffs against the Defendants (the
“Action”), as described in the Company’s news release dated June
17, 2021.
The Settlement Agreement resolves all matters arising from the
Action. While details of the Settlement Agreement are confidential,
the Company’s board and management note they are pleased with the
terms of the Settlement Agreement.
Gensource’s President and CEO Mike Ferguson commented:
“We are pleased to have settled this matter with the Plaintiffs,
which removes a distraction from the Gensource team as we look to
move our Tugaske potash project forward into construction.”
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca Follow us on twitter
@GensourcePotash
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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 small scale
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, 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 complete an
offering of securities; failure to finance the Company’s Tugaske
potash 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 potash 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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version on businesswire.com: https://www.businesswire.com/news/home/20220214005165/en/
For further information on Gensource: 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 / Charlotte
Hollinshead / Lily Pettifar +44 (0) 20 3757 4997
For any press enquiries: gensource@camarco.co.uk
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