Green Swan Capital Corp. Announces Acquisition in Sudbury Basin
(Burlington, ON. May 6, 2016) Green Swan Capital Corp. (GSW: TSX-V) (“Green Swan”) announces that it has signed a Letter of Intent to acquire a polymetallic mining asset in the Sudbury Basin (the “Asset”).
Terms
Green Swan will purchase the Asset in consideration of $10,000 cash, two hundred thousand shares of Green Swan (subject to a four month and a day hold period), a 2% Net Smelter Royalty and the payment of tax arrears which shall not exceed $2,500. The Asset may be purchased directly or through a to-be-named corporation. Included in the sale is a copy of all technical data in the vendor’s hands directly related to all claims.
The closing of the transaction is subject to normal due diligence, GSW board approval, and regulatory approval including approval of the TSX Venture Exchange. Such closing will take place as soon as reasonably possible. The Letter of Intent will terminate upon the earlier of (i) June 5, 2016; or (ii) the signing of a definitive agreement.
The Asset
The Asset is comprised of a contiguous block of 16 patented mining claims, within Falconbridge Township near Sudbury, Ontario.
The Sudbury Basin is renowned for its world-class Ni-Cu-PGE (Au-Ag) sulphide ore deposits, and is the second-largest known impact crater on Earth. The region is one of the world's largest suppliers of nickel and copper ores. The Asset also lies within the Huronian Gold Belt, a zone of past gold producers that extends from northeast of the Sudbury Basin to south of Espanola, a distance of roughly 120 kilometers.
The Asset has been explored intermittently since the 1880’s. Some of the historic data appears to be reliable but there are gaps in the data related to unrecorded exploration activity. Further work will be required to confirm the data and the data should not be relied upon.
There three known styles of mineralization on the Asset are described as follows:
a) Massive Sulphide Lenses and Stringers;
b) Pyrrhotite Disseminations; and
c) Cobaltite in Quartz.
Further details about the Asset will be provided on closing.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian company with only 30,371,179 shares outstanding, an aggressive growth strategy and a proven leadership team. Green Swan is well-poised to deliver real value to its shareholders.
Forward Looking Statements
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.
On Behalf of the Board of Directors
Green Swan Capital Corp.
“Peter M. Clausi”
Peter M. Clausi President, CEO and Director
For Further Information:
Peter M. Clausi [email protected] 1-905-681-1925 x2
Neither 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.