Gensource Potash Corp AGCCF

1Q24 MDA/Financials/Press Release Out

[bobbythebaker]

Quotes that caught my eye.  Draw your own conclusions.  Connect The Dots is fun for all ages! 

"The first quarter of 2024 has seen Gensource receive international delegations seeking to access a modern supply chain model. These entities are reviewing Gensource’s business model and planned capacity, which will guarantee delivery of known potash tonnages on predictable timelines. The team at Gensource is delighted with the current activity going into the second quarter of 2024.  Financing for the Tugaske Project remains the Company’s primary focus. To that end, negotiations are concentrated on financial and joint business structures, enabling current and future parties to benefit from Gensource's modular and scalable production opportunity. The negotiations are at an advanced stage, which coincides with the heightened interest in the Company’s model."

"The Company announces on-going support from directors of the Company in the form of promissory notes from certain directors (Stephen Dyer, Wayne Brownlee and Michael Ferguson), totaling $300,000 in two tranches. The first tranche of $150,000 was received on March 25, 2024 and the second tranche was received on May 9, 2024.  The promissory notes are unsecured, bear interest at a rate of 0% per annum and mature on June 25, 2024.”

"As of May 28, 2024, the Company's nominated advisor, Strand Hanson Limited, resigned.  Subsequently, trading of the Company's Common Shares on AIM was suspended at 7:30 am UK on May 29, 2024.   AIM Rule 1 provides the Company with one month to appoint a replacement nominated adviser. If no replacement nominated adviser is appointed, the admission of the Company's AIM securities will be cancelled.”

"Lazlo Area:  At the date of this MD&A, the company is more likely to pursue an initial project in the Vanguard Area in the immediate term, so the budgeted expenditures are not included here."

[mdjbrown]

Thanks for posting btb With both promissory notes $300K now paid to GSP, the pressure is on considering the company had $91,955 remaining in cash as at March 31, 2024. It would appear Mr Dyer, Mr. Brownlee, and Mr. Ferguson are holding down the fort until some type of financing can be arranged. To date more than $500K remains owing to insiders on these promissory notes. It is very

[stockwatcher248]

great points MJB....GSP has liabilities owing of $11 million and will have to be paid....yes insiders are pumping in insignificant amounts of cash of $300k in notes.... but when does the neccesity of issuing 100 million share at 10c, (and hopefully not 200 million at 6-7c) to pay the bills...stock is diluted out of sight...just my opinion....

[mdjbrown]

sw248, you are 100% correct and the number of outstanding shares has to be a concern internally, but these folks are in a tight spot. A consolidation of any significance (20 or 10 to 1) will likely alienate shareholders, but a large consolidation once completed will also attract shorters in droves looking to capitalize on a percieved problem with production methodology resulting in a drop in

[Rattler99]

Gawd SW your knees must get sore..  But seriously MDB you must get tired of speaking for two ppl? Push him out of the nest already.

[mdjbrown]

Rattler, SW248 rightfully expresses concern with the number of shares outstanding and the outstanding liabilities compared to cash on hand based on last weeks disclosed Q1 financials, and that is the best response you have....   Wow keep up the great work  lol   Amazing how the pom pom squad continually relies on insults instead of providing any reasonable response based

[Rattler99]

Easy Dad.. Your boy can talk for himself.. Right? Follow any thread and show me I am wrong. That was really cute though. That really made my day!