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TORONTO, January 12, 2012) - Sea Green Capital Corp. ("Sea Green" or, the "Company") (TSX VENTURE:SGS) today announced that it is proposing a name change and a consolidation of its issued and outstanding common shares. The Company is proposing to change its name from Sea Green Capital Corp. to Black Merlin Resources Inc. The consolidation of Sea Green's issued and outstanding common shares will be implemented on the basis of one (1) post-consolidation share for five (5) pre-consolidation shares. The name change and consolidation are subject to TSX Venture Exchange as well as shareholder approval and will be considered by shareholders at the annual and special meeting of the Company to be held on January 26, 2012. As of December 29, 2011 the Company had 99,920,568 common shares issued and outstanding. If approved and implemented, the consolidation will occur simultaneously for all of the Company's common shares and will affect all shareholders uniformly. Management expects that the ratio for the consolidation will be fixed and the consolidation implemented as soon as practical following the meeting. Assuming the proposed consolidation occurs at a ratio of 1:5, the Company's outstanding shares will be reduced to approximately 19,984,114 Common Shares. The consolidation will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the consolidation would otherwise result in any shareholder owning a fractional share. No fractional shares will be issued, but instead if the Consolidation would otherwise result in a shareholder holding a fraction of a share, such fractional share, if less than one-half, shall be rounded down to zero and, if equal to or greater than one-half, shall be rounded up to one and added to the number of shares which the shareholder is entitled to receive. The proposed consolidation and name change will be further detailed in an Information Circular that will be distributed to shareholders in connection with the annual and special meeting. A copy will also be made available electronically at www.sedar.com.
About Sea Green
Sea Green Capital Corp. is a junior exploration company listed on the TSX Venture Exchange under the symbol "SGS". The company is currently exploring for precious metals in the Casa Berardi region in Quebec and will resume its Yukon exploration programme on its CO property in the spring of 2012.
Additional information about Sea Green and its exploration projects can be found at www.seagreencapital.com
For further information contact:
Alexander G. MacKay President and CEO 416.989.1067 amackay@seagreencapital.com
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
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