Green Swan Announces Financing and Debt Conversion
March 26 2014 - 9:37AM
Marketwired
Green Swan Announces Financing and Debt Conversion
BURLINGTON, ONTARIO--(Marketwired - Mar 26, 2014) - Green Swan
Capital Corp. (TSX-VENTURE:GSW) ("Green Swan") announces the
conversion of certain non-arm's length debt to equity, and a
contemplated financing.
Offering
Green Swan is
contemplating an offering of up to 3,000,000 Units at a price of
$0.05 per Unit. Each Unit shall consist of one (1) Green Swan
common share and one 12-month common share purchase warrant having
an exercise price of $0.075 (seven and a half cents) (the
"Warrant"). Closing shall take place as soon as possible.
Green Swan will pay to any participating registrant a cash
commission of 8% of the gross proceeds of the Offering sourced by
such registrant and broker warrants equal to 8% of the number of
Units issued by Green Swan with respect to the Offering as sourced
by such registrant. These broker warrants have the same
characteristics as the Warrants. The use of proceeds is to fund
working capital.
Conversion
To preserve Green
Swan's cash, certain non-arm's length creditors of Green Swan have
agreed to accept common shares of Green Swan in lieu of cash to
settle a total of $60,000 (sixty thousand dollars) in outstanding
liabilities, at a conversion price of $0.05 per common share, being
the same price as the contemplated financing but does not include
the Warrant. These liabilities have been disclosed in Green Swan's
financial statements. The conversion has been approved by the
independent members of Green Swan's board.
The transactions contemplated above are subject to regulatory
approval.
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, with fewer than 21,000,000 shares
outstanding, is well-poised to deliver real 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 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.
Green Swan Capital Corp.Peter M. ClausiPresident, CEO and
Director905-681-1925pclausi@brantcapital.ca