Gensource Potash Corp V.GSP

GSP

[stockwatcher248]

Gensource Potash Corporation (“Gensource” or the “Company”) (AIM/TSXV: GSP), a fertilizer development company focused on sustainable potash production, announces that certain consultants to the Company have exercised previously issued Stock Options for gross proceeds of $98,500.

500,000 Options were exercised at a price of $0.18 and 50,000 options were exercised at a price of $0.17. Accordingly, in aggregate, 550,000 new Common Shares have been issued.

Admission to trading on AIM and TVR

Application will be made for admission of the 550,000 new Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"). It is expected that the Admission will become effective, and trading will commence at 8.00 am on 13 December 2021.

Following Admission, the Company's total issued share capital will consist of 418,738,995 Common Shares of no par value. For the purposes of the Disclosure Guidance and Transparency Rules, the total number of voting rights in the Company will be 418,738,995. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the UK’s Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

[bobbythebaker]

It's occurring to me today's 550k option exercise, along with the recent $2mm in convertible debt issued and $5mm in debt from HELM (albeit to KClean) may all be part of an effort to help provide liquidity for the proposed takeover of Innovare.

[stockwatcher248]

BTB...how much is the proposed takeover for????.....TIA

[bobbythebaker]

Can't remember where I read it, but GSP put something out saying they had agreed on terms with Innovare, but didn't give any specifics.  My guess is in the $1mm-$5mm range.  I could also see the owners of Innovare getting paid in GSP shares/options, but I'll bet those guys would like some cash as well.

[mdjbrown]

Btb would you happen to know who the principle owners of Innovare are, as I was researching and found this info.  It looks like one of the founders of Innovare was no longer considered a principle in 2016 after the patent was awarded.  Why would someone no longer want to be listed as a principle in a company when things were moving ahead?   “On January 1, 2017, the Corporation

[mdjbrown]

Maybe this 2016 press release can give us some clues. One name is missing though .............. May 31, 2016, 19:58 ET - The scientific and technical information contained in this news release was prepared by or under the supervision of Max Ramey, PE, of Innovare Technologies; John McEwan, PE, of Innovare Technologies; Sandy Debusschere, of Innovare Technologies; https://www.newswire.ca

[bobbythebaker]

My sources are just telling me Mike Ferguson received a B+ in Algebra II back in 1975.  Calculations on the Tugaske Project throughput are highly suspect.

[Relaxing]

Hey Brownie, I suspect Mike Ferguson had to divest his ownership in Innovare so it would not be a conflict of  interest with GSP using the Innovare technology .

[mdjbrown]

Very possible, Relaxing. Clearly this GSP / Innovare group has lots of industry experience, and I look forward to seeing their conceptual processing design in action Sandy Debusschere - over 27 years of experience in well drilling and cavern connection. Max Ramey - over 31 years of solution mining engineering experience. John McEwan - over 43 years of process chemical

[mdjbrown]

Just curious btb, as you seem to have a good handle on Innovare. You mentioned in an earlier post, you think  $1mm - $5 mm might be the acquisition cost for GSP to acquire Innovare. What do you think GSP will receive with the acquisition?    Do you have any idea of Innovares current assets and NPV, and who are those guys you refer to that will be the recipients of the requisition