Gensource Capital Corporation (TSXV:GSP) has completed the acquisition of 100% of Nexxt Potash Inc., a private company holding rights to several potash leases in Saskatchewan.
As quoted in the press release:
On closing of the Transaction, Nexxt amalgamated with a wholly-owned subsidiary of Gensource (“Subco“), pursuant to which:
- each Nexxt share (other than Nexxt shares held by Gensource’s subsidiary) outstanding immediately prior to closing was exchanged for one common share of Gensource;
- each share of Subco outstanding immediately prior to closing was exchanged for one common share of the amalgamated company (“Amalco“); and
- Amalco became a wholly-owned subsidiary of Gensource.
On closing, former shareholders of Nexxt (other than Gensource’s subsidiary) were issued, in aggregate, 20,162,500 common shares of Gensource representing approximately 20.6% of Gensource’s then outstanding shares.
Alan Cruickshank President and CEO of Gensource Capital commented:
We are very pleased to have closed the transaction to acquire Nexxt Potash. The Nexxt team led by Steve Halabura has an exceptional background of successful potash development. We intend to leverage our combined knowledge, experience and relationships to build shareholder value inside Gensource.