Gensource Potash secures C$280 million for Tugaske project construction
(Kitco News) - Gensource Potash (TSXV: GSP), a fertilizer development company based in Saskatchewan, today announced that it has received commitment letters from its two mandated joint lead debt arrangers, to provide a senior secured debt facility for a total of up to C$280 million.
According to the company’s statement, the debt facility is intended to fund, in part, the construction and ramp up of the company’s Tugaske potash development project.
Located in the company’s Vanguard Area, comprising potash leases KL244 and KL245 in south-central Saskatchewan, the Tugaske project will employ the company’s innovative selective solution mining and processing methods to create an efficient, modular, scalable and environmentally sustainable potash production facility, Gensource said.
Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province.