EDMONTON, ALBERTA – Green River Gold Corp. (the “Company”) is pleased to announce that it has entered into a letter of intent (“Letter of Intent”) with an independent third party operating as Alberta Gold Equipment whereby the Company will become the exclusive distributor for Alberta Gold Equipment’s products in Northern British Columbia and the Yukon. Alberta Gold Equipment is an established and innovative manufacturer of mining equipment designed specifically for small and medium scale placer mining operations. Based in Edmonton, Alberta, Alberta Gold Equipment’s product line includes mini trommels, high bankers, miller tables and sluices.
The new product line is an excellent complement to the Company’s products which are aimed primarily at larger scale placer mining operations. The Company will be distributing the new product line from newly rented retail and office space located in a highly visible location on Cariboo Highway 97 in Northern Quesnel, British Columbia. The new location is only a few kilometers from the Company’s manufacturing facility.
A portion of the retail unit has been sublet to The Gold Shack Inc. (“The Gold Shack”). The Gold Shack is an established gold buyer representing General Refining Corporation which purchases raw gold from placer mining operations in northern British Columbia. The Gold Shack is a well-known gold buyer in the area and they have a global online following.
The Company believes that having a gold buyer on site will create synergies for both companies as there will be cross over between customers for the Company’s mining equipment and those of The Gold Shack attending the site to sell gold.
Further, the Company is pleased to announce the second tranche closing of its recently announced convertible debenture financing (the “Offering”). Under this tranche, the Company sold CAD $41,000 aggregate principal amount (the “Principal Amount”) of 8.0% unsecured convertible debentures (the “Convertible Debentures”). The Convertible Debentures bear interest at a rate of 8.0% per annum (“Interest”), payable quarterly on the last day of March, June, September and December in each year commencing September 30, 2019, and mature on August 12, 2022 (the “Maturity Date”).
The Company plans on closing it third tranche of the Offering in the next couple of weeks.
The holder of Convertible Debentures, in its sole discretion, shall have the option to convert the Convertible Debentures into common shares in the capital of the Company (the “Shares”) at any time prior to 5:00pm MST on the Maturity Date (the “Conversion Privilege”). The Principal Amount, and all Interest accrued and unpaid thereon, shall be convertible, for no additional consideration, into Shares at a conversion price equal to $0.10 per Share. At any time prior to the Maturity Date, the Principal Amount in respect of which the Conversion Privilege has not been exercised may be prepaid by the Company on at least 30 days’ written notice to the holders of the Convertible Debentures.
The Convertible Debentures will be unsecured obligations of the Company and shall rank pari passu in right of payment of the Principal Amount and Interest with all other Convertible Debentures issued under the Offering and all previously existing unsecured indebtedness of the Company.
The Company will use commercial reasonable efforts to obtain the necessary approvals to list the Shares issuable upon conversion of the Convertible Debentures on the Canadian Securities Exchange.
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
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.