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GreenBank Added To CSE Composite Index

Toronto, Ontario, June 19, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that, effective after the close of trading on June 16, 2017, the Company has been added to the CSE Composite Index. The CSE Composite Index is comprised of shares of Canadian Securities Exchange (“CSE”) listed companies that meet market capitalization, trading volumes, and certain other criteria established by the CSE, and is a broad indicator of market ...

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Zara's Proposed Acquisition Fox Magnum Automative Signs $3.7M South Korean Manufacturing and Distribution Agreement

Toronto, Ontario, June 14, 2017- Zara Resources Inc. (CSE: ZRI) ("Zara" or the “Company”) announces that, following on from the previously announced acquisition agreement (“Acquisition Agreement”) by Zara of the Fox Magnum Automotive group (“Fox Magnum”), an exclusive South Korean manufacturing and distribution agreement has been signed by Fox Magnum. A South Korean investment group has agreed to pay For Magnum approximately CAD$3,700,000 for certain electric car manufacturing equipment as well as the exclusive manufacturing ...

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GreenBank Directors Exercise Options And Warrants

  Toronto, Ontario, May 31, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that effective May 31, 2017 a total of 730,000 incentive stock options and 400,000 warrants were exercised by three directors of the Company for total proceeds of $89,800. The Company also announces the granting of 1,840,000 incentive stock options to four directors of the Company, exercisable into 1,840,000 common shares at a price of $0.0305 per ...

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GreenBank To Acquire 10% Of Reliable Stock Transfer

  Toronto, Ontario, May 29, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that GreenBank has entered into an acquisition agreement (the “Agreement”) to purchase 10% of Reliable Stock Transfer Inc (“Reliable”), a Toronto based transfer agency focused on providing transfer agency services to public companies listed on the Canadian Securities Exchange. GreenBank will pay $150,000 for a 10% interest in Reliable, payable $50,000 in cash and $100,000 by ...

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GreenBank Completes Acquisition of 35% of Ubique Minerals

Toronto, Ontario, May 18, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that it has completed the acquisition of 35% of the issued share capital of Ubique Minerals Limited (“Ubique”), a private mineral exploration company. GreenBank paid $423,563 for a 35% interest in Ubique, payable by the issuance by GreenBank of 423,563 $1 Non-Voting 5% Preference Shares Series B. The principal property of Ubique is the Buchans Wileys Property (“Buchans ...

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Jun
25

Green Swan Closes Previously Announced M&A Transaction with Winston Resources

2012  Author:   

 

BURLINGTON, ONTARIO (Marketwire – June 25, 2012) – Green Swan Capital Corp. (TSX VENTURE:GSW) announces the successful closing of the previously announced M&A transaction with Winston Resources Inc. (CNSX:WRW) (“Winston”). At all material times Winston and Green Swan dealt at arm’s length.

Closing

On June 21, 2012 the shareholders of Winston approved a change of name from Gorilla Resources Inc. to Winston Resources Inc., and approved a reverse takeover transaction (the “Winston RTO”) whereby Winston acquired 100% of the issued and outstanding common shares of CNRP Mining Inc. (“CNRP”). The Winston RTO then closed on June 22, 2012. The common shares of Winston (the “Winston Shares”) are now listed on the Canadian National Stock Exchange (“CNSX”) under the trading symbol “WRW”.

Coincident with the Winston RTO, Winston acquired two mining assets. The first was the acquisition of Green Swan’s rights to the Riverbank and Broke Back properties (the “Properties”) in Ontario’s Ring of Fire. The second was the acquisition of a 100% interest in the Elmtree Gold Property from third parties.

Green Swan Disposition

Green Swan disposed of its rights in the Properties to Winston, coincident with the closing of the Winston RTO. In consideration of disposing of its rights to Winston, Winston issued to Green Swan 1,200,000 free-trading Winston Shares at a deemed price of $0.25 per share, valuing the transaction at $300,000. Winston also issued to Green Swan 400,000 Winston Share purchase warrants having a 24 month term and a $0.50 exercise price. On an undiluted basis, Green Swan’s holdings in Winston represents roughly 2% (two per cent) of Winston’s capital.
Green Swan’s expenses related to this M&A activity were minimal as Green Swan’s leadership team managed the process internally.

Winston, with Green Swan’s input, has begun to plan the next stage of exploration on the Properties. Green Swan has undertaken to complete at least $235,000 in work expenditures on the Properties prior to December 14, 2012, and upon completion of such expenditures Green Swan shall be issued additional Winston Shares, in an amount equal to (the dollar amount of such expenditures divided by 110% of the Market Price for Winston’s Shares on December 14, 2012), provided that the denominator as so calculated may not be less than 32 cents. Under this formula, Green Swan will be issued a maximum further seven hundred thirty-four thousand (734,000) Winston Shares.

Elmtree Gold in New Brunswick

Also coincident with the Winston RTO, and at arm’s length to Green Swan, Winston acquired a 100% interest in the advanced Elmtree Gold Project in New Brunswick (“Elmtree”). The information below has been obtained by Green Swan from Winston and from third party filings at SEDAR.
Elmtree is located in the Bathurst Mining Camp approximately 25 km northwest of Bathurst, New Brunswick and comprises a total of 83 claims that cover a contiguous area of approximately 1,811 hectares. Elmtree has an indicated resource of 99,000 ounces of gold and an inferred resource of 195,000 ounces of gold.

There are three gold-bearing zones within Elmtree: the West Gabbro Zone, the Discovery Zone and the South Gold Zone. Micon International Limited recently completed a NI 43-101 compliant technical report on May 25, 2012 (the “Technical Report”), which shows 1,611,000 indicated tonnes grading 1.91 g/t gold (99,000 ounces gold) and 2,053,000 inferred tonnes grading 1.67 g/t of gold (110,000 ounces of gold) in the West Gabbro Zone, with 2,367,000 inferred tonnes grading 0.74 g/t in the South Gold Zone (56,000 ounces of gold), 700,000 inferred tonnes grading 1.25 g/t in the Discovery Zone (29,000 ounces of gold). The cut-off grade used for the West Gabbro Zone and the Discovery Zone is 0.5 g/t Au and for the South Gold Zone is 0.3 g/t Au.

According to the February 2012 Mining Policy Potential Index by the independent research group Fraser Institute, New Brunswick is the most attractive mining jurisdiction in the world, with excellent local milling and processing infrastructure, including power, roads and a skilled work force.

Winston has announced that it intends to explore and expand the Elmtree resource. Any such expansion should deliver a direct benefit to Green Swan as a Winston shareholder and warrant holder.

The Winston RTO

“Winston and its management team should be commended for negotiating and closing upon a complicated series of transactions in such a short period of time”, said Peter M. Clausi, Green Swan’s Chief Executive Officer. “Green Swan has now monetized the Ring of Fire Properties to the benefit of Green Swan’s shareholders, which will allow Green Swan to focus on its operational plans in British Columbia’s Golden Triangle. Because Winston now owns 100% of Elmtree, Green Swan’s shareholders benefit directly in the financial upside provided by any expansion of the Elmtree resource.”

Brian Crawford (Green Swan’s Chief Financial Officer) joined Winston’s board post-closing and has been appointed to Winston’s Audit Committee. James Lavigne (Green Swan’s VP, Exploration) has been appointed by Winston’s board to the position of VP, Exploration for Winston.

About Green Swan Capital Corp.

Green Swan is engaged in the exploration and, if warranted, development and mining of its properties as well as the acquisition, exploration and potential development of other mineral resource properties. The common shares of Green Swan are listed on the TSX Venture Exchange under the trading symbol “GSW”. GSW has approximately 17,370,417 shares outstanding.

Cautionary Language

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan’s recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader.

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.

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