Greenock Resources: Equity Placement and Letter of Intent Acquisition of Shares of PTM Minerals
21 10월 2011 - 6:32AM
Marketwired
Greenock Resources Inc. (TSX VENTURE:GKR) ("Greenock") announces
that it has completed a private placement of 1,000,000 shares at
$0.10 per share for total proceeds of $100,000. These shares will
be subject to a four month hold period.
Greenock has completed a binding Letter of Intent for a private
company Quatern Holdings Limited ("Quatern") or its nominee to
acquire 87.5% of the shares of PTM Minerals (Cayman) Ltd. ("PTM").
PTM is the wholly owned subsidiary of Greenock that holds the
Kakanda copper / cobalt project in the Democratic Republic of Congo
("DRC"). The terms for completion of the acquisition of 87.5% of
the shares of PTM require Quatern or its nominee to:
A) Fund US$3.5million to used by PTM to pay the "pret" payment (which will
occur simultaneous with the finalization of the Kakanda Joint Venture
Agreement);
B) Fund US$350,000 for interim working capital of PTM;
C) Pay at maturity the principal, plus accrued interest and any other
associated expenses for the US $250,000 PTM Promissory Note, (120 day
term,15% per annum interest); and
D) Pay to Greenock CDN $100,000.
Completion of the PTM share acquisition is subject to TSXV
exchange approval and Greenock shareholder approval.
Quatern is an investment holding company that includes certain
personnel in the DRC from PTM Congo spl and Mr Potter. Mr Potter is
also a Director of Greenock, a Director of PTM and a Director and
Officer of Quatern and holds less than 10% of the common shares of
Quatern. Mr Potter has abstained from all Greenock Board
discussions and voting regarding the acquisition of PTM shares by
Quatern. Quatern shareholdings in Greenock will not be included in
determining the required shareholder approval of the PTM share
acquisition.
The recapitalization of PTM and finalization of the Kakanda
Joint Venture Agreements will be the start of the next stage of the
development of the Kakanda project. Greenock looks forward to being
a minority participant in the major Kakanda project that is
adjacent to the world scale Tenke copper / cobalt mine and plant
operated by Freeport McMoran.
Greenock has elected to not continue expenditures and let the
property rights expire on its Merlot property in Australia.
Horst Helbig has announced his resignation as Director of
Greenock.
ABOUT GREENOCK
Greenock Resources Inc. is a Canadian based international
mineral development company that focuses on developing a portfolio
of natural resource properties. Shares outstanding: 32,239,479.
The Kakanda copper / cobalt project in the Central African
Copper Belt is adjacent to the operating Tenke copper / cobalt mine
and plant presently being operated and expanded by Freeport McMoran
and Lundin Mining. The Kakanda tailings reprocessing project has NI
43-101 measured and indicated resources of 18.5 million tonnes with
an average grade of 1.25% copper and 0.15% cobalt. The adjacent
Kakanda hard rock deposits have a historical resource of 18.6
million tonnes with an average grade of 3.19% copper and 0.19%
cobalt.
Greenock holds a 100% 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 1920's.
Greenock's holdings in Australia 1,934,120 shares in the South
East Asian energy company Raisama. (RAI - ASE).
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.
Contacts: Greenock Resources Inc. James S. Hershaw CFO &
Vice President, Corporate/ Mineral Development (416) 603.7200 (416)
603.9200
(FAX)info@greenockresources.comwww.greenockresources.com
Greenock Resources (TSXV:GKR)
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