Global Green Matrix Corp.

Global Green Matrix Corp.

August 09, 2012 12:25 ET

Global Green Matrix Corp. Amends Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2012) - Global Green Matrix Corp. ("GGX" or the "Company") (TSX VENTURE:GGX)(OTCBB:GGXCF)(BERLIN:A0LGDN)(FRANKFURT:POZ) announced today that due to current market conditions it has amended the terms of the non-brokered Private Placement previously announced July 24, 2012. The Company will now be issuing 5,555,555 units (the "units") at a price of $0.09 per unit for gross proceeds of up to $500,000. Each unit is comprised of one common share of the Issuer (a "Share") and one share purchase warrant (a "Warrant"). Each warrant entitles the Subscriber to purchase one additional common share of the Issuer for a period of 24 months from the closing date at a price of $0.18 per share.

The warrants are subject to an accelerated expiry stating that if at any time, after the standard 4 month hold period, the closing price of the Company's common shares on the TSX Venture Exchange exceeds $0.35 for any 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 31 days following the date of such notice.

The offering is subject to the approval of the TSX Venture Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A finder's fee may be payable in accordance with the policies of the TSX.

The Company further announces that because the conditions to the previously announced proposed Letter of Intent ("LOI") with Westcan Solutions Inc. to acquire Chemicals By Sterling, (as announced on May 29, 2012) were not met, all efforts to complete the transaction have ceased. The LOI between GGX and Westcan Solutions Inc. has therefore been cancelled by mutual consent.

About Global Green Matrix Corp. (

Global Green Matrix Corp. provides environmentally sound solutions for oilfield waste disposal and is primarily involved in the recovery of reusable products from waste. With the acquisition of Intercept Rentals, and a newly developed, safe, faster and cost effective frac water heating technology, GGX will continue to focus its efforts on supplying innovative products and technologies to the resource sector in Canada and the USA.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.

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 news release.

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