Gensource Potash Corp. has announced the results of its annual and special meeting of shareholders held on 21 June 2019. At the meeting, shareholders:
- Re-elected Michael Ferguson, Paul Martin, Michael Mueller and Calvin Redlick to the Board of Directors.
- Re-appointed MNP LLP, Chartered Accountants as auditor of the company and authorised the Board of Directors to fix the auditor’s remuneration.
- Re-approved the company’s rolling stock option plan.
- Approved the company’s shareholder rights plan.
Holders of 123 831 191 shares (representing approximately 34% of the outstanding shares of the company) were present in person or by proxy and voted at the meeting. Furthermore, the following were re-appointed as officers of the company:
- Michael Ferguson – President and CEO.
- Robert Theoret - Chief Financial Officer.
- Deborah Morsky – Vice-President Corporate Services and Corporate Secretary.
While Gensource’s first project is small, with an annual production of only 250 000 t, its implications are much broader than just the planned tonnage of the product. The entry of a new and independent producer in the industry will be a breakthrough. With Gensource showing the way with small-scale, efficient, low-cost and environmentally sustainable production modules, it begins the eventual evolution of the industry from large-scale mining-oriented production to a manufacturing model where production can be implemented quickly and cheaply as the market demands it. Further, by creating a shorter and more efficient supply chain, the ultimate aim is to give the farmer not only more certain, but also more economic access to potash.
At the meeting, Mike Ferguson, President and CEO did the following:
- Reviewed the advances made in the company’s strategic business plan.
- Detailed the affirmation by the potash industry (distribution, retail and consumer) for the need of small-scale production processes that minimise environmental degradation while delivering leadership in corporate social responsibility.
- Confirmed industry demand for an open, transparent and efficient supply chain that Gensource calls vertical integration.
After the meeting, Ferguson commented: “We are extremely pleased to see such a large percentage of our shares represented at the meeting. This speaks to the very high level of understanding and engagement within our shareholder group. What we are building represents a long-term investment, but one we believe will deliver outstanding shareholder value. They key lies in the correspondingly long-term vision of our shareholders who understand the vision and support it.
Read the article online at: https://www.worldfertilizer.com/potash/27062019/gensource-announces-results-of-agm/