Gensource Capital to Focus on Potash Development in Saskatchewan
March 18, 2013 (Source: Marketwire) Saskatoon, SK — Gensource Capital Corporation (“Gensource” or the “Company”) (TSX VENTURE:GSP) is pleased to provide an update regarding the Company’s activities and future plans. Following the Company’s acquisition of Nexxt Potash Inc. (renamed Gensource Potash Corporation) in August 2012, the Company has allocated increasingly more of its resources and management time to the development of a potash project in Saskatchewan. The Board of Directors of the Company has determined that potash development in Saskatchewan, and not merchant banking activities, will be the Company’s primary focus going forward.
To this end, the Company has commissioned the preparation of a NI 43-101 compliant technical report with respect to properties in Saskatchewan held through its wholly-owned subsidiary, Gensource Potash Corporation. The Company expects to file the technical report for pre-clearance with the TSX Venture Exchange by April 30, 2013. Following TSX-V clearance, the Company will file the report on SEDAR and will issue a further press release disclosing the results of the report.
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“We have been successful at assembling a world class management team with direct experience of developing potash projects through to construction. By focusing on potash we are able to leverage our skill set to partner with large potash consumers who want potash production. The dynamics of potash continue to improve even in this market environment,” stated Alan Cruickshank, President and CEO of Gensource.
Gensource also announces that, at this time, it has decided not to proceed with its private placement financing announced in the Company’s press release dated January 18, 2013. The Company may consider undertaking a financing following filing of the technical report.
Gensource Capital Corporation is based in Saskatoon, Saskatchewan and is focused on developing resource opportunities with a specific focus on potash development. The Company’s primary project is its wholly-owned subsidiary, Gensource Potash Corporation, also based in Saskatoon Saskatchewan. Gensource Potash Corporation is led by Mike Ferguson P.Eng., President and CEO. Mr. Ferguson has assembled a world class management team with direct and specific interest in potash development.
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.
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