SASKATOON, Saskatchewan--(BUSINESS WIRE)--Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to announce the results of its annual and special meeting of shareholders held on June 21, 2019. At the meeting, the Gensource shareholders:
- Re-elected Michael Ferguson, Paul Martin, Michael Mueller 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 rolling stock option plan; and
- Approved the Company’s shareholder rights plan.
Holders of 123,831,191 shares (representing approximately 34% of the outstanding shares of the Company) were present in person or by proxy and voted at the meeting.
Further, the following were re-appointed as officers of the Company:
- Michael Ferguson – President and Chief Executive Officer
- Robert Theoret - Chief Financial Officer
- Deborah Morsky – Vice-President Corporate Services and Corporate Secretary
After congratulating Gensource’s team and highlighting Deborah Morsky’s invaluable dedication to the operation of the Company, Mike Ferguson went on to explain the corporate vision of “Why”: the purpose of Gensource’s existence.
With the view that mining practices need to change such that helping to feed the world through potash fertilizers does not leave large social and environmental scars, Gensource continues its march forward to delivering cheaper and cleaner potash fertilizer while providing the ultimate buyer, the farmer, a choice in the supply of this vital crop nutrient. While Gensource’s first project is small, with an annual production of only 250,000 tonnes, its implications are much broader than just the planned tonnage of the product. The entry of a new and independent producer in the industry will be a breakthrough. With Gensource showing the way with small-scale, efficient, low-cost and environmentally sustainable production modules, it begins the eventual evolution of the industry from large-scale mining-oriented production to a manufacturing model where production can be implemented quickly and cheaply as the market demands it. Further, by creating a shorter and more efficient supply chain, the ultimate aim is to give the farmer not only more certain, but also more economic access to potash.
By detailing Gensource’s Corporate Mission: “To create a series of independent, scalable and environmentally sustainable potash production facilities”, Mike Ferguson:
- reviewed the advances made in the company’s strategic business plan,
- detailed the affirmation by the potash industry (distribution, retail and consumer) for the need of small-scale production processes that minimize environmental degradation while delivering leadership in corporate social responsibility, and
- confirmed industry demand for a open, transparent and efficient supply chain that Gensource calls vertical integration.
Subsequent to the meeting, Mike Ferguson, President & CEO, commented, “We are extremely pleased to see such a large percentage of our shares represented at the meeting. This speaks to the very high level of understanding and engagement within our shareholder group. What we are building represents a long-term investment, but one we believe will deliver outstanding shareholder value. They key lies in the correspondingly long-term vision of our shareholders who understand the vision and support it.”
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components - vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk; and, technical innovation which will allow for a small and economic potash production facility, while the same time demonstrating significant reductions in community and environmental impact. For further information please contact:
Neither 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 ability to finance the Vanguard One or Maverick projects on terms which are economic or at all, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. 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 Gensource’s financial condition and prospects, the ability to finance the Vanguard One or Maverick projects on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Vanguard One or Maverick 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; 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.