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Gensource Capital Corp Acquires Nexxt Potash Inc.


Wednesday, 15 Aug 2012 04:52pm EDT 

Gensource Capital Corp announced the closing of its previously announced acquisition of 100% of Nexxt Potash Inc. (Nexxt) pursuant to a three-cornered amalgamation (the Transaction). Nexxt is a private company incorporated under the Canada Business Corporations Act, holding rights to a number of potash leases in Saskatchewan. 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. 

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11 Jul 2014