Junior miner Gensource Potash Corp., Saskatoon, reported on Dec. 4 that it completed the non-brokered private sale of 13,554,494 flow-through shares at a price of at C$0.12, for gross proceeds of $1,626,539.28. As part of the offering, certain officers of Gensource purchased an aggregate of 833,333 common shares. The company intends to use the gross proceeds to fund Canadian exploration expenses related to the company’s projects in Saskatchewan.
“We are pleased to be in a position to announce an over-subscribed private placement,” said Mike Ferguson, Gensource president and CEO. “The speed with which the placement was completed, in addition to the over-subscription, speaks to the foresightedness of our strong shareholder base. With project financing progressing well, we believe we are in a strong position entering 2019 to move ahead with Vanguard One project execution, while at the same time, beginning efforts to launch the second project in the Vanguard area. The ongoing and goal-orientated support, based on fundamental belief in the company’s business plan, of our shareholders is key to our ability to reach these key milestones.”