Green Swan Capital Corp. Investee Acquires Etamame Nickel
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/05/12 -- Green Swan Capital Corp. (TSX VENTURE: GSW) ("Green Swan") is pleased to provide an update on its direct shareholding in Winston Resources Inc. (CNSX: WRW) ("Winston"). Green Swan owns 1,200,000 common shares in Winston's capital.
Green Swan's business strategy calls for it to combine mineral exploration activity on its British Columbia assets with M&A activity to deliver real shareholder value. In executing that strategy, Green Swan recently sold its interests in its two Ring of Fire properties to Winston, in exchange for 1,200,000 common shares of Winston and 400,000 common share purchase warrants (see Green Swan's press release of June 25, 2012 for details.) This transaction gives Green Swan ongoing exposure to Winston's operations.
One of the reasons for effecting this transaction was that Green Swan felt that Winston's management team, headed by Mr. Danny Wettreich, would be able to effect further accretive transactions, which would provide Green Swan with the opportunity to directly participate in Winston's capital growth at no further cost to Green Swan.
Winston recently announced what it believes is such a transaction, namely, that it intends to acquire 100% of the Etamame Lake Nickel Project ("Etamame"), together with the data of a March, 2011 VTEM AEM geophysical airborne survey (the "Airborne Survey") carried out over Etamame. The total acquisition price was $372,500 payable in a combination of cash and Winston treasury shares at a deemed price of $0.25 per share.
According to Winston, Etamame is located in the Lingman Lake greenstone belt, near Sachigo Lake in Northwestern Ontario. Etamame consists of 10 claim blocks totalling 142 claim units that have not previously been drilled. The Airborne Survey identified numerous prospective targets associated with strong magnetic anomalies. Winston believes that Etamame represents a highly prospective potential nickel deposit that justifies a drilling program.
On closing of the Etamame transaction, Winston will own 100% of the Elmtree Gold Project, 100% of Etamame and related Airborne Survey, and an option to acquire up to 70% of two highly prospective properties in Ontario's Ring of Fire.
Green Swan believes its holdings in Winston represent a significant opportunity for growth and validation of Green Swan's business plan.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian company engaged in the business of acquiring, exploring and dealing in mineral properties in Canada. Green Swan intends to deliver value through exploration and through corporate M&A activities.
Forward Looking Statements
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. GSW cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what GSW currently foresees. Discussion of the various factors that may affect future results is contained in GSW's recent filings, available on SEDAR. GSW assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader. 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.
On Behalf of the Board of Directors
GREEN SWAN CAPITAL CORP.
Peter M. Clausi, President, CEO and Director
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:
Green Swan Capital Corp.
Peter M. Clausi
905-681-1925
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Datum: 05.07.2012 - 20:06 Uhr
Sprache: Deutsch
News-ID 162753
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