Greenwich Global Capital Inc.

September 22, 2009 09:25 ET

Greenwich Global Capital: Update on Proposed Qualifying Transaction with AusPotash Corp.

MISSISSAUGA, ONTARIO--(Marketwire - Sept. 22, 2009) - Greenwich Global Capital Inc. ("Greenwich") (NEX BOARD:GGB.H) wishes to provide an update on the proposed qualifying transaction (the "Proposed QT") with AusPotash Corporation ("AusPotash") for which a filing statement has been filed on SEDAR on August 28, 2009 in accordance with Policy 2.4 of the TSX Venture Exchange and a shareholders' special meeting will be held on September 30, 2009 to approve certain matters related to the Proposed QT.

On September 22, 2009, Sirius Exploration PLC ("Sirius") issued a press release about a proposed acquisition of all the issued and outstanding shares of Auspotash Corporation (the "Sirius Transaction"). Sirius is a company listed on AIM which announced on July 9, 2009 the execution of an option agreement with certain shareholders of AusPotash to acquire a controlling shareholding in AusPotash.

In light of the Sirius Transaction, AusPotash and Greenwich have agreed to terminate the definitive agreement dated 16 July, 2009 in connection with the Proposed QT pursuant to an agreement (the "Termination Agreement") upon payment by Sirius to Greenwich of CAD$125,000 in cash and the issuance of 1,000,000 ordinary shares in the share capital of Sirius (the "Termination Consideration"). It is anticipated that the Termination Agreement will be entered into on the closing date of the Sirius Transaction, which is expected to occur on September 25, 2009, and that the Termination Consideration will be paid at that time.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Greenwich Global Capital Inc.
    Daniel F. Hachey
    President & Chief Executive Officer