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Gensource to raise up to C$4M for Canadian potash projects

GensourcePotash Corp. said July 18 that it is undertaking a privateplacement to raise gross proceeds of up to C$4 million.

The offering will consist of the sale of up to 27,777,777common shares at a price of 9 Canadian cents per share and up to 13,636,363common shares issued on a flowthrough basis at 11 cents apiece.

Proceeds from the common shares will be used to fund thepre-feasibility work at the Lazlopotash project in Saskatchewan, and for the Vanguard project upon completion ofthe acquisition dealwith Yancoal Canada Resources Co.Ltd., as well as for general working capital purposes.

The flowthrough proceeds will be used to fund the company'sprojects in Saskatchewan.

The agent, Industrial Alliance Securities Inc., also has theoption to issue up to an additional 15% shares.