Gensource Potash Releases Audited Financial Statements and Management’s Discussion and Analysis for the Year Ended December 31, 2023
2023 Final Results and Board Change
NOT FOR DISTRIBUTION TO
The detailed results of the Audited Financial Statements and MD&A are available under the Company’s SEDAR+ profile on www.sedar.plus.ca or at https://gensourcepotash.ca/financials- and-presentations/). The highlights in this release should be read in conjunction with the Audited Financial Statements and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.
Summary of Key Activities During Q4 2023 and the year ending
In today's interconnected world, fostering social and environmental consciousness is not just a choice but an imperative. Gensource's commitment to social and community values reflects our purpose and role in supplying a hungry world with potash, a sustainably produced macronutrient (critical mineral) essential for society's transition towards a more food-secure future. What sets us apart is our commitment to environmental stewardship, evident in our utilization of leading approaches to potash extraction, such as scalable potash production systems and other practices to minimize our ecological footprint.
The completion of the financing for the
Gensource prioritizes community engagement and empowerment, working closely with local stakeholders to ensure that its operations benefit the communities in which it operates. Being a partner in sustainable resource development means participating in making business decisions that create wealth for a growing Indigenous community and a growing province. Our community partnership is a testament to our commitment to sustainable resource development and our dedication to making business decisions that benefit our shareholders, the Indigenous community, and the province.
In 2023, Nekaneet First Nation joined Gensource as an investor to implement a
A significant move in our corporate senior management strategy was to welcome
According to the
Gensource focuses on delivering long-term value to our shareholders, customers, employees, and other stakeholders. Throughout the year, we made significant strides in advancing our strategic initiatives. Looking ahead, we remain optimistic about Gensource's prospects. While uncertainties persist in the global economic landscape, our resilient business model, with Management and Board’s commitment of time, expertise and financing, the Company will continue to support the innovations that will enable it to navigate challenges and capitalize on opportunities.
We are optimistic about the initiatives planned for the upcoming year, such as new market expansion strategies and investments in technology and infrastructure. We are proud of our accomplishments and confident in our ability to sustain growth and profitability in the years to come.
The following is a recap of significant events in 2023:
-
On
January 27, 2023 , the Company closed the second and final closing of the non-brokered private placement. The Company issued 11,969,998 Units for aggregate gross proceeds of$1,795,499.70 . Each Unit consists of one common share in the capital stock of theCompany (a “Common Share”) and one Common Share purchase warrant of theCompany (a “Warrant”). Each whole Warrant is exercisable for one Common Share (a “Warrant Share”) at an exercise price of$0.30 per Warrant Share for a period of 24 months following the date of issuance. -
On
May 29, 2023 , the Company completed a non-brokered private placement offering of Units at a price of$0.15 per unit. At the closing, the Company issued 6,118,583 units for aggregate gross proceeds of$917,787.45 . Each Unit consists of one common share in the capital stock of theCompany (a “Common Share”) and one Common Share purchase warrant of theCompany (a “Warrant”). Each whole Warrant is exercisable for one Common Share (a “Warrant Share”) at an exercise price of$0.30 per Warrant Share for a period of 24 months following the date of issuance. -
On
October 2, 2023 , the Company completed a non-brokered private placement offering of Units at a price of$0.15 per unit. At the closing the Company issued 4,763,588 units for aggregate gross proceeds of$729,538 . Each Unit consists of one common share in the capital stock of theCompany (a “Common Share”) and one Common Share purchase warrant of theCompany (a “Warrant”). Each Warrant will be exercisable for one Common Share (a “Warrant Share”) at an exercise price of$0.30 per Warrant Share for a period of 24 months following the date of issuance. -
The Company had cash of
$409,488 as atDecember 31, 2023 compared to$973,520 atSeptember 30, 2023 and$337,831 atDecember 31, 2022 .
Further information on
About Gensource
Gensource is a fertilizer development company based in
Neither the
Caution Regarding Forward-Looking Statement
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 any offering of securities by Gensource. 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 could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the
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