Gensource Potash Corp on Tuesday said it has raised C$480,000, as it completes the first closing of its non-brokered private placement offering of flow-through shares.

Gensource is a fertilizer development company based in Saskatchewan, Canada. Its shares were up 50% to 15.00 pence each in London on Tuesday afternoon.

At the start of December, Gensource said it planned to raise up to C$6.0 million through a private placement. The company offered up to 20 million shares at C$0.15 and 15 million flow-through shares at C$0.20.

On Tuesday, the company said that at the first closing, it issued 2.4 million shares, raising C$480,000.

The TSX Venture Exchange has also granted Gensource a 30-day extension to the offering. The company intends on keeping the offer open to investors into January, 2023.

Gensource explained that it will use the proceeds from the sale of shares further expand resource definition on the company’s KL244 and KL245 leases and to initiate resource definition work on its SMP200 permit, all with an aim of developing a second project within the Vanguard Area.

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