Junior miner Gensource Potash Corp., Saskatoon, on Sept. 28 announced a proposed best efforts, non-brokered private placement for gross proceeds of up to C$700,000. The offering will consist of up to 4,666,666 units of the company at a price of $0.15 per unit for gross proceeds of up to $700,000.
Each unit shall consist of one common share in the capital stock of the company and one common share purchase warrant of the company. The warrants will be exercisable for one common share at an exercise price of $0.30 per warrant share for a period of 24 months following the date of issuance.
Gensource intends to use the net proceeds from the sale of the units to complete fieldwork on its Tugaske Potash Project, which is south of Saskatoon, and general working capital purposes.