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TORONTO, ONTARIO--(Marketwired - April 2, 2014) - Greenock Resources Inc. (TSX VENTURE:GKR.H) ("Greenock" or the "Company") is pleased to announce that further to its news releases of March 26 and 27, 2014, the non-brokered private placement (the "Financing") of units (the "Financing Units") at $0.10 per Financing Unit has been increased from 6,000,000 Financing Units to 10,000,000 Financing Units to raise gross proceeds of up to $1,000,000. Each Financing Unit consists of one common share and one half common share purchase warrant at a price of $0.15. The term of the warrant has been corrected to 12 months in compliance with applicable NEX policy. During the 12 month period the warrants will be subject to an acceleration event if the share price is greater the $0.30 for a period of 20 consecutive trading days. In connection with the Financing, the Company will pay finder's fee to qualified parties equal to 10% in cash and 10% in finder's shares subject to approval of the TSX Venture Exchange (the "Exchange"). The proceeds from the Financing will be used for general working capital. The Financing remains subject to Exchange approval. All securities issued in connection with the Financing will be subject to a four month resale restriction. |
