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Green Swan Capital Corp. Announces Work Program on Cobalt Asset and Financings
BURLINGTON, ON / ACCESSWIRE / September 7, 2016 / Green Swan Capital Corp. (TSXV: GSW) ("Gre...
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[{"type":"text","content":"Green Swan Capital Corp. Announces Work Program on Cobalt Asset and FinancingsBURLINGTON, ON / ACCESSWIRE / September 7, 2016 / Green Swan Capital Corp. (TSXV: GSW) (\"Green Swan\"), announces it intends to immediately effect hard dollar and flowthrough financings.\nThe flowthrough financing will be deployed at Green Swan's cobalt asset in the Sudbury Basin, Ontario. A short diamond drill program is slated to begin in November, 2016, following the completion of surface work, geophysics and data compilation. Management is very pleased with the strong results to date (see press releases dated June 20/16 and August 15/16).\nGreen Swan announces its intention to effect a flowthrough financing in an amount up to $300,000 by offering up to 2,500,000 Flowthrough Units priced at $0.12 (twelve cents) per Flowthrough Unit. Each Flowthrough Unit will comprise of one flowthrough share and one full 13-cent warrant with a 12-month term. Green Swan also announces its intention to carry out a hard dollar financing in an amount up to $200,000 by offering up to 2,222,222 Common Units priced at $0.09 (eight cents) per Common Unit. Each Common Unit will comprise of one common share and one full 13-cent warrant with a 12-month term. Both financings are subject to regulatory approval.\nGreen Swan has previously announced that it has qualified for a JEAP grant, in amount to be determined following completion of the diamond drill program.\nThe Asset and its Geology\nThe asset as acquired by Green Swan in June, 2016 was a block of 16 contiguous patented mining claims (260 hectares) in the Sudbury Basin, an area renowned for its world-class polymetallic sulphide ore deposits. It lies within the Huronian Gold Belt, a prolific zone of past gold producers that extends across roughly 120 kilometers. Mining infrastructure, labour and knowledge are easily accessible in this mining-friendly jurisdiction. Green Swan has since strategically added to its land package by staking and by acquisition. \nIn the southern four claims, the Sudbury Breccia is observed to the west and east of the Nipissing Gabbro, and is cross-cutting and subparallel to metasediments that strike north-eastward. The Main Zone in the north and the Blue Pit in the east are separated by approximately 330m within metasediments with a local Sudbury Breccia vein network around the Blue Pit.\nHisto...