The Ontario Securities Commission (OSC) granted consent to Gensource Potash Corporation (the Applicant) to continue from the jurisdiction of Ontario to Saskatchewan under the Business Corporations Act (Saskatchewan). This decision was made in accordance with Section 181 of the Business Corporations Act (Ontario) and subsection 21(b) of Ontario Regulation 398/21.
The Applicant, initially formed in Alberta and later re-incorporated in Ontario, sought to relocate its corporate records office to Saskatchewan, where its head office and primary assets, including a potash project, are situated. The company is an offering corporation and a reporting issuer in multiple Canadian provinces, with Saskatchewan as its principal regulator.
The OSC’s consent followed the Applicant’s compliance with relevant corporate and securities legislation, absence of defaults or proceedings under these laws, and overwhelming shareholder approval for the move, obtained during a special meeting where 98.689% of votes supported the resolution.
The OSC determined that the continuance would not be prejudicial to the public interest, noting that the rights, duties, and obligations under the Saskatchewan legislation are substantially similar to those in Ontario. The consent was officially given on June 29, 2022.