Greencastle Resources Ltd.

Greencastle Resources Ltd.

July 19, 2016 07:37 ET

Greencastle Drone Subsidiary Begins Trading

TORONTO, ONTARIO--(Marketwired - July 19, 2016) - Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company") is pleased to announce that the common shares of Greencastle subsidiary, Deveron UAS Corp. ("Deveron"), will commence trading today on the Canadian Securities Exchange under the ticker symbol DVR. Greencastle owns approximately 56% of Deveron.

Deveron UAS, is a full-service company providing farmers with the opportunity to increase yields and reduce costs through the use of sophisticated Unmanned Aerial Systems ("UAS" or "drones"), sensors, software and analytics. The service offering is targeted at farmers, agricultural retailers and independent agronomists and provides a strong value proposition through reduced costs and/or increased yields by optimizing input costs such as water, fertilizer and pesticides.

"David MacMillan and Norm Lamothe have very quickly built Deveron into Canada's leading precision Ag UAS company," stated Anthony Roodenburg, Greencastle CEO. "This is a rapidly expanding global sector that brings together unmanned systems, robotics, sophisticated software and sensors, 'the internet of things' and big data to improve global food production. We continue to support Deveron and the team and look forward to their future successes."

Currently, Greencastle owns 8,631,005 common shares of Deveron. Greencastle has granted an incentive option to purchase up to 1,000,000 common shares of Deveron to David MacMillan, Deveron President and CEO at an exercise price of $0.30 and expiring on July 14, 2019.

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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.

This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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