Here are the key quotes from today's shareholders meeting: Mike Ferguson: Food security remains at the top of the list of the United Nations’ concerns. And the ongoing wars in the Ukraine and Gaza are only making the situation worse.
So, while global capital markets remain wary and risk averse, the underlying value of both Gensource’s approach to potash production and its business model remain strong, Innovative and attractive.
“Strong and attractive” you say? Then where is the financing? Well, the company continues to receive unsolicited interest in its project, methods and expertise. The fact that these parties, both in the industry and both seeking their own supply, are seriously interested in engaging with Gensource tells us that what we are doing is compelling. We are offering what no other potash producer offers.
Earlier this year, you read a news release disclosing that the company has narrowed down its list of equity groups and was progressing with them. I am now pleased to say we are at the final stages of closing with an international group of investors that specialized in project financing focusing on the United Nations sustainable development goals and ESG principles. This financing will have several stages and upon closing, it would be sufficient to complete construction of the Tugaske Project and bring it into operation. We believe the financing will be accretive to all shareholders. The overall financing transaction includes not only the Tugaske Project, but other unrelated projects around the world, making this process very time consuming and complex. The complexity is exacerbated by the involvement of several jurisdictions in North America, Europe, the UK and elsewhere. We expected to be in a position to disclose the details by now, but we’re not quite there yet. We believe the process is near completion. So we’re excited about the next period of time, and we thank you our shareholders for your continuing support and patience. Please understand that we are committed to completing the financing for Tugaske and will disclose those details as soon as they become definitive. Steve?
Stephen Dyer: As Mike mentioned, our complete focus is to being the financing for the Tugaske Project to a close. On that note, I wanted to highlight management and the directors. The team is fully committed to the company, and I wanted to thank them for that. I would also note that they continue to invest in the company because they believe in not only what the company is doing in terms of the business model, but they also believe in the ultimate success of the company. Your continued support and patience as our shareholders is greatly appreciated, and we anticipate being able to provide you with an update in the near future.