Greenock Announces Financing and Corporate Update
26 Mars 2014 - 4:40PM
Marketwired
Greenock Announces Financing and Corporate Update
TORONTO, ONTARIO--(Marketwired - Mar 26, 2014) - Greenock
Resources Inc. (TSX-VENTURE:GKR) ("Greenock" or the "Company")
announces the Company will conduct a non-brokered private placement
pursuant to which the Company will issue an aggregate of up to
6,000,000 units (the "Financing Units"),at a price of $0.10 per
Financing Unit, consisting of one common share and one half common
share purchase warrant at a price of $0.15 for a 36 month period
with an acceleration event if the share price is greater the $0.30
for a period of 20 consecutive trading days, to raise gross
proceeds of up to $600,000 (the "Financing"). In connection with
the Financing, the Company will pay an 8% cash finder's fee. The
proceeds from the Financing will be used for general working
capital. The Financing remains subject to Exchange approval. All
securities issued in connection with the Financing will be subject
to a four month resale restriction.
Greenock announces
the TSX Venture Exchange has accepted for filing on March 24, 2014,
a Letter Agreement dated March 17, 2014 between the Company and
Precious Metals Investments Limited ("PMI") whereby the parties
have completed a settlement arrangement for a US $250,000
Promissory Note held by the Company's wholly owned subsidiary PTM
Minerals (Cayman) Ltd. to PMI. The settlement includes: (a) the
issuance of 33,334 common shares at a deemed price of $0.15; (b) an
assignment to PMI of a direct 40% interest in the Needles
Gold/Silver Property in Nye County Nevada; and (c) an Option
Agreement whereby PMI can earn an additional interest in the
Needles property by spending US $250,000 on the Needles Property
exploration program over a period of three years.
Greenock has
materially reduced corporate debt with the completion of the
Promissory Note settlement arrangement.
Greenock announces
the resignation of Mr. Horst Helbig, Director effective March 25,
2014.
Greenock has
appointed David Morris as a Director. David Morris is a director of
Jet Gold Corp (JAU.V), a Canadian exploration company listed on the
TSX Venture Exchange. Mr. Morris is the owner of a service company
named CanEx Exports Ltd. which focuses on the leasing, rental, and
sale of equipment to South American mining and exploration
companies. Mr. Morris studied international business at Brandon
University.
ABOUT GREENOCK
Greenock Resources
Inc. is a Canadian based international mineral development company
that focuses on developing a portfolio of natural resource
properties. It holds a 60% interest in the Needles gold / silver
property located in the Arrowhead mining district of Nye County,
Nevada. The property is approximately 40 miles southeast of the
Barrick - Kinross Round Mountain Gold Mine. The Needles property
has had historical underground mining for gold and silver in the
early 1920's.
This press release
includes certain "Forward-Looking Statements" within the meaning of
applicable securities laws. Other than statements of historical
fact, all statements are "Forward-Looking Statements" that involve
such various known and unknown risks, uncertainties and other
factors. There can be no assurance that such statements will prove
accurate. Results and future events could differ materially from
those anticipated in such statements. Readers of this press release
are cautioned not to place undue reliance on these "Forward-Looking
Statements". Michael Newbury, P.Eng., is the qualified person who
has reviewed this material on behalf of the Company. All dollar
amounts are noted in Canadian dollars unless otherwise stated in
this release.
Neither the TSX
Venture Exchange nor its regulation services provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Greenock Resources Inc.James S. HershawCFO & Vice President,
Corporate Development(416) 868.1079(416)
868.6198jshershaw@greenockresources.comwww.greenockresources.com
Greenock Resources (TSXV:GKR)
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