CORRECTION FROM SOURCE: Greenock Resources: Share Consolidation
TORONTO, ONTARIO -- (Marketwired) -- 03/26/14 -- A Correction From
Source has been issued for the release disseminated on March 3rd at
10:24 AM ET. The ticker symbol was incorrectly listed as GKR. The
correct ticker symbol is GKR.H. The complete and corrected release
Greenock Resources Inc. (TSX VENTURE: GKR.H) ("Greenock") announces
it will be proceeding with a 30 to 1 share consolidation in order to
allow future financing and acquisitions to be completed at a share
price in excess of $0.05 per share as required by TSXV policy. The
share consolidation was approved by shareholders at the Annual
General and Special Meeting of December 11, 2013. To complete these
steps in a cost effective manner, Greenock is moving to the NEX
exchange to reduce administrative expenses charged by the TMX Group.
Apart for reduced administrative costs on NEX, Greenock has
maintained all its TSXV Tier 2 listing requirements.
Greenock continues to move forward with the company's mineral
exploration and development mandate including finalizing a joint
venture with Precious Metal Investment Ltd. ("PMI") of NSW Australia,
as announced on November 15, 2013, for the Needles gold and silver
property in Nevada. As part of this transaction, PMI is to receive
1,000,000 shares of Greenock which on a consolidated basis will now
be 33,334 shares.
Greenock announces the technical studies for the Kakanda project in
the Democratic Republic of Congo may be difficult to monetize in the
near term as Eurasian Natural Resources Corporation PLC of London UK
has indicated that it will not be proceeding with any transactions or
activity with Kakanda at this time. The Kakanda title history and
technical studies owned by the Greenock subsidiary PTM Minerals
(Cayman) Ltd. are believed to have significant longer term value for
any company that moves forward to develop Kakanda. The original total
cost of the Kakanda technical studies dating back to 1997 have been
approximately US $15 million.
Greenock Resources Inc. is a Canadian based international mineral
development company that focuses on developing a portfolio of natural
Greenock holds a 100% interest in the Needles gold / silver
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.
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.
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate Development
(416) 603.9200 (FAX)
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