Gensource Capital (TSX: V.GSP, Stock Forum) late Thursday said it has executed a binding term sheet with privately-held Canada Potash Corp., to combine the two companies to explore and develop potash properties in the Province of Saskatchewan, this according to a company news release.
Under the Term Sheet, Gensource has agreed to issue from its treasury the number of shares necessary so that Canada Potash will hold 51% of Gensource's issued and outstanding shares.
Canada Potash will use its contacts and experience to assist Gensource in the areas of project joint ventures; project finance; and the import and sale of potash internationally, including to and within the People's Republic of China.