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Gensource Potash Corporation ("Gensource" or the "Company") (AIM/TSX-V: GSP), a fertilizer development company focused on sustainable potash production, is pleased to announce that Wayne Brownlee has agreed to accept an appointment to its Board of Directors.
"On behalf of the Board of Directors and the entire Company, it is a pleasure to welcome Wayne Brownlee, a highly respected and accomplished potash industry veteran, to our team," said Stephen Dyer, Board Chair. "Wayne's addition to the team will enhance our collective knowledge and experience in the finance and the fertilizers industry, not only for moving Tugaske into construction but also for implementing future projects and products."
In 1977, after acquiring a Bachelor of Science and Master of Business Administration from the University of Saskatchewan, Mr. Brownlee began his career as a Budget Analyst with the Saskatchewan Department of Finance. He later joined the Saskatchewan Department of Energy and Mines as an Assistant Deputy Minister. As an Associate Deputy Minister of the Treasury Board Division of the Saskatchewan Department of Finance, he was responsible for developing and implementing the Provincial Government's annual budget and managing the Treasury Board process. His duties included policy responsibility for legislative and regulatory reform, taxation, and overall strategy.
Mr. Brownlee, a former Executive Vice President and CFO of both PotashCorp. and Nutrien brings an exceedingly rare wealth of knowledge, experience, and leadership to Gensource.
Wayne joined the Potash Corporation of Saskatchewan ("PCS") in 1989. He coordinated the Company's privatization which transformed it from a provincial Crown corporation to a publicly traded company. Over the next three decades, Wayne was a catalyst for the expansion and development of PCS through acquisition activity. He was instrumental in the acquisition of the company's nitrogen and phosphate assets. Until 2018 Brownlee remained CFO at PCS when PCS and Agrium merged to become Nutrien, the world's largest provider of crop inputs, with its head office located in Saskatoon, Saskatchewan. During his term as CFO at Nutrien, Wayne oversaw all finance functions, plus the $6.0 billion divestment of equity interests in the Chilean potash producer SQM, Israel-based ICL Group and Jordan's Arab Potash Company.
Wayne's commitment to developing the potash industry is matched by his devotion to his community. Wayne is a member of the Dean's Advisory Council at the Edwards School of Business at the University of Saskatchewan, the vice-chair of the Wanuskewin Heritage Park, and the chair of the Saskatoon Public Schools Foundation. Wayne unapologetically believes it is a moral obligation to acknowledge the challenges faced by Indigenous people and marginalized members of society. He is committed to learning and working together to give everyone a chance to succeed.
"I look forward to helping bring Gensource's projects to fruition," said Wayne Brownlee.
The appointment of Mr. Brownlee as Director of the Company is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals, including that of the TSX Venture Exchange and completion of the Company's Nominated Adviser's due diligence pursuant to the AIM Rules for Companies. A further announcement will be made in this regard.
About Gensource:
Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning.
Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca
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Neither the 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 the 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 Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the Tugaske Project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; 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; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; 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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Contacts:
For further information on Gensource Potash, please contact:
Gensource Potash Corporation
Mike Ferguson President CEO
+1-306-974-6414
Strand Hanson Limited (Nominated Financial Adviser)
Ritchie Balmer Rory Murphy Charles Hammond
+44 (0) 20 7409 3494
Peel Hunt LLP (Broker)
Ross Allister David McKeown Georgia Langoulant
+44 (0) 20 7418 8900
For any press enquiries please contact Gensource at 306-974-6414.
