Greenock Resources Inc.

Greenock Resources Inc.

March 26, 2014 13:00 ET

CORRECTION FROM SOURCE: Greenock Announces Financing and Corporate Update

TORONTO, ONTARIO--(Marketwired - March 26, 2014) - A Correction From Source has been issued for the release disseminated earlier today at 11:40 AM ET. The ticker symbol was incorrectly listed as GKR. The correct ticker symbol is GKR.H. The complete and corrected release follows:

Greenock Resources Inc. (TSX VENTURE:GKR.H) ("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.


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.

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