TORONTO, ONTARIO--(Marketwired - April 2, 2014) - Greenock Resources Inc. (TSX VENTURE:GKR.H) ("Greenock" or the "Company") is pleased to announce that further to its news releases of March 26 and 27, 2014, the non-brokered private placement (the "Financing") of units (the "Financing Units") at $0.10 per Financing Unit has been increased from 6,000,000 Financing Units to 10,000,000 Financing Units to raise gross proceeds of up to $1,000,000. Each Financing Unit consists of one common share and one half common share purchase warrant at a price of $0.15. The term of the warrant has been corrected to 12 months in compliance with applicable NEX policy. During the 12 month period the warrants will be subject to an acceleration event if the share price is greater the $0.30 for a period of 20 consecutive trading days. In connection with the Financing, the Company will pay finder's fee to qualified parties equal to 10% in cash and 10% in finder's shares subject to approval of the TSX Venture Exchange (the "Exchange"). 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 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 1920s.
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.