Gensource Potash Announces AIM Rules Related Party Transaction Opinion SASKATOON, Saskatchewan and LONDON, U.K., September 13, 2022 – Gensource Potash Corporation (“Gensource” or the “Company”) (TSXV: GSP, AIM: GSP) announces the following pursuant to the AIM Rules for Companies (the “AIM Rules”).
As disclosed by the Company on August 30, 2022, the Company received on May 31, 2022 a promissory note from Michael Ferguson, President, CEO and a Director of the Company, in the amount of C$250,000 for project related and general working capital purposes. The promissory note is unsecured, bears interest at a rate of 0% per annum and matures on July 1, 2023. There were no fees payable to Michael Ferguson as part of entering into the promissory note. The Company is entitled to prepay the whole or any part of the indebtedness evidenced by this note at any time and from time to time without notice, bonus or penalty of any kind whatsoever.
The Company entering into the promissory note with Michael Ferguson constituted a related party transaction under Rule 13 of AIM Rules. In this context, the Directors of the Company, other than Michael Ferguson, confirm, having consulted with the Company's nominated adviser, Strand Hanson Limited, that they considered that the terms of the promissory note to be fair and reasonable insofar as its shareholders are concerned.