Gensource Announces Results of Annual and Special Meeting

 

Gensource Potash Corporation (“Gensource” or the “Company”) (TSX.V: GSP) is pleased to announce the results of its annual and special meeting of shareholders held earlier today. At the meeting, the Gensource shareholders:

• Re -elected Michael Ferguson, Paul Martin and Calvin Redlick to the Board of Directors. Due to personal reasons, Mr. Ryan had withdrawn his consent to act as a nominee for the board of directors to be elected at the annual and special meeting held on June 1, 2018;
• Re-appointed MNP LLP, Chartered Accountants as Auditors of the Company for the ensuing year and authorized the Directors to fix their remuneration;
• Re-approved the Company’s rolling stock option plan.

Holders of 129,652,477 shares (representing approximately 38.8% of the outstanding shares of the Company) were present in person or by proxy and voted at the meeting.

Gensource would also like to announce that following the annual and special meeting of shareholders, the following individuals were re-appointed as officers of the Company:

• Michael Ferguson – President and Chief Executive Officer
• Robert Theoret – Chief Financial Officer
• Deborah Morsky – VP Corporate Services and Corporate Secretary

“We are pleased with the results of today’s meeting and especially pleased to see such a large percentage of the issued and outstanding shares in the company voted. That large voting percentage reinforces management’s perspective that Gensource has a very engaged and knowledgeable shareholder base and we enjoy the interaction and ideas that come from that engaged set of shareholders. Gensource looks forward to the coming year, moving the first of our novel projects forward into construction.”

About Gensource

Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.

Gensource operates under a business plan that has two key components - vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk; and, technical innovation which will allow for a small and economic potash production facility, while the same time demonstrating significant reductions in community and environmental impact.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including completion of the definitive offtake agreement on terms as announced or at all, securing project financing on terms which are economic or at all, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’s financial condition and prospects, completion of the definitive offtake agreement on terms as announced or at all, securing project financing on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to complete the offtake agreement on terms as announced or at all or to find and source other off-take agreements; the ability to secure project financing on terms which are economic or at all; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

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