Gensource Announces Results of Annual and Special Meeting

SASKATOON, Saskatchewan–(BUSINESS WIRE)–Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to announce the results of its annual general and special meeting (the “AGSM”) of shareholders held on June 18, 2021. At the meeting, the Gensource shareholders:

  • Elected Alton Anderson, Stephen Dyer, Michael Ferguson, Michael Mueller, Amy O’Shea and Calvin Redlick to the Board of Directors;
  • Re-appointed MNP LLP, Chartered Accountants as auditor of the Company and authorized the Board of Directors to fix the auditor’s remuneration;
  • Re-approved the Company’s stock option plan and
  • Approved an amendment to the articles of the Company to include requirements to disclose certain share ownership interests as further detailed in the information circular sent to shareholders in connection with the meeting.

Holders of 186,129,255 shares (representing just over 45% of the outstanding shares of the Company) were “present” or were represented by proxy at the virtual web-based AGSM.

Following the AGSM, Gensource held a Board of Directors meeting and re-appointed officers of the company as follows: Michael Ferguson was re-appointed as President and Chief Executive Officer; Alton Anderson was re-appointed as Chief Financial Officer, Robert Theoret was re-appointed as Vice-President Finance & Business Development and Deborah Morsky was re-appointed as Vice-President Corporate Services and Corporate Secretary.

“We are so pleased with the exceptional turnout of voters through proxy and in-person for this year’s AGSM,” commented Mike Ferguson, President & CEO. “We have an incredibly dedicated group of shareholders in the company – people and institutions who have a clear view of the value proposition that Gensource offers as well as an understanding of the effort required to attain our goals. We thank all our shareholders for their on-going and enthusiastic support.”

If you missed the meeting, please click on the following link to find the full recording of the AGSM. – https://gensourcepotash.ca/wp-content/uploads/2021/07/Gensource-Meeting-Recording.mp4.

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 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 Company becoming a producing potash company. 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 Company’s plans to become a potash producer could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Company’s 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 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.

Contacts

Gensource Potash Corporation:

Mike Ferguson, President & CEO

mike@gensource.ca