Green Swan Provides Gowganda Update
Burlington, Ontario--(Newsfile Corp. - May 12, 2017) - On March 28, 2017 Green Swan Capital Corp. (TSXV: GSW) ("Green Swan") announced it had entered into an agreement to acquire 2,800 hectares in four large unpatented claim blocks located in the Gowganda region of north-eastern Ontario (the "Gowganda Claims"). Gowganda is located 85 km northwest of the town of Cobalt and its world famous silver-cobalt camp, and roughly 120 km north of Green Swan's other assets in Sudbury, Ontario.
As part of the one million dollar non-brokered financing announced April 17, 2017, Green Swan and the arm's length vendor of the Gowganda Claims have amended their agreement to provide that the purchase price would be a total of $67,650 in cash and 562,500 units issued at a deemed price of eight cents per unit, with each unit consisting of one common share and one common share purchase warrant exercisable at $0.10 for a period of eighteen months from the date of issue. The 562,500 units would be subject to a hold period of at least four months and a day. In addition, Green Swan will grant to the vendor a Net Smelter Returns Royalty of 2%, with half of such NSR re-purchasable at any time at Green Swan's option for $1,000,000.
Green Swan's shareholders recently passed a resolution to change the Company's name to "CBLT Inc." to demonstrate the focus on cobalt exploration and development. trading symbol "CBLT" has been reserved pending the formal name change. Regulatory approval will be required for the corporate name change and the symbol change.
Green Swan continues to build its impressive portfolio of assets in mining-friendly jurisdictions, including its main Sudbury gold/cobalt asset, Dryden Cobalt, Otto Lake, Chilton Cobalt (Quebec), Geneva Lake, Ryliejack and Mikayla.
