Nov 6 2012
Green Swan Capital Corp. ("Green Swan") (TSX VENTURE:GSW) today announced it has purchased, subject to regulatory approval, four mineral claims (the "Claims") in Hess Township in northern Ontario, known as the Geneva Lake Mining Property.
The Claims form part of the former Geneva Lake Mine.
Green Swan has purchased a 100% interest in the Claims in consideration of the issuance of 200,000 shares (at an agreed price of $0.10 per share), and 200,000 share purchase warrants with each share purchase warrant exercisable for one common share at an exercise price of $0.20 per common shares for a period of twenty-four months from the date of issue. The Claims are subject to a 2% NSR of which GSW can purchase one-half of the NSR for an amount of $1,000,000 at any time. GSW must incur a minimum of $150,000 of exploration expenditures within the first twelve months of the closing of the transaction.
Green Swan intends to, immediately upon closing, begin exploration on the Claims.
Green Swan is engaged in the exploration and, if warranted, development and mining of its properties as well as the acquisition, exploration and potential development of other mineral resource properties. The common shares of Green Swan are listed on the TSX Venture Exchange under the trading symbol "GSW". Upon closing of the transactions contemplated above, GSW will have 19,697,417 shares outstanding.
Source: http://greenswancapital.com/