EDMONTON, ALBERTA – Green River Gold Corp. (the “Company”) is pleased to announce that it has entered into a letter of intent (“LetterofIntent”) with an independent third party to acquire over 8,200 hectares of mineral rights and 640 hectares of placer rights (collectively, the “Properties”) situated 12 kilometers southwest of Barkerville in the Cariboo Mining District of British Columbia, Canada. The Properties straddle an 18 kilometer length of the Barkerville and Quesnel Terranes and are contiguous to Barkerville Gold Mines Ltd. mineral claim group and adjacent other past producing mine sites. Several hardrock and placer MinFiles are recognized at the Properties, ranging from showing, developed prospects and past producers and encompass at least four placer gold producing creeks.
Mineral exploration activities are anticipated to commence in Spring 2019 and will include detailed geological mapping, geophysical and geochemical surveys. The Company intends to submit a Notice of Work to the Mines Branch within the next thirty (30) days in preparation for expansion to a trenching and drilling program. Placer testing activities will also commence in 2019. An active permit is already in place at the placer mine site and an updated exploration plan for the Company is pending approval by BC Ministry of Energy, Mines and Petroleum Resources.
The Company will pay for the Properties by a combination of $119,048.74CAD cash as well as the issuance of 2,000,000 units of the Company (“Units”) at a deemed value of $0.06 per Unit. Each Unit will consist of one common share of the Company (a “CommonShare”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each full Warrant will be exercisable to acquire one Common Share (a “WarrantShare“) for a period of 24 months following the issue date at an exercise price of $0.15 per Warrant Share.
Further, the Company announces that it plans to undertake a non-brokered private placement of up to 5,000,000 Units to raise gross proceeds of up to $300,000 (the “Offering”). The Units will be offered at a price of $0.06, with each Unit consisting of one Common Share and one-half of one Common Share Warrant. The Offering is expected to close on or about April 30, 2018.
Each full Warrant will be exercisable to acquire one Warrant Share for a period of 24 months following the closing of the Offering at an exercise price of $0.15 per Warrant Share.
The Company intends to use the net proceeds from the Offering to complete the purchase as set out in the Letter of Intent as well as purchase additional equipment for manufacturing operations and for general working capital purposes. All securities purchased under this Offering will be subject to a four month and one day hold period. Finders’ fees may be payable on a portion of the Offering in accordance with the policies of the CSE.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the CSE.
Lastly, further to the Company’s news releases dated July 3, 2018, September 26, 2018 and November 23, 2018, the Company announces that it has used the proceeds from the private placements that closed in the fall of 2018 to purchase inventory and equipment directly from 1070923 BC Ltd. (“1070923”) as well as other third parties. The inventory and equipment purchased were intended to be contributed to the joint venture by 1070923. Management has decided that it is in the best interests of the Company to no longer pursue the 50% joint venture with 1070923. Instead the Company will solely own and operate the intended business of the joint venture, being the manufacturing of mining equipment and general welding and mechanical maintenance services.
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com
For more information contact:
Green River Gold Corp.
Mr. Perry Little
President and Chief Executive Officer
780-993-2193
The Company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Properties. A “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects has not reviewed the results from historic exploration on the Properties.
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements relating to the timing for completion of the Annual Filings and other statements that are not historical facts. In making the forward- looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The securities of the company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.