GREEN SWAN
GREEN SWAN CAPITAL CORP. ANNOUNCES BOARD ADDITION
AND BALANCE SHEET STRENGTHENING
(Burlington, ON. January 14, 2014) Green Swan Capital Corp. (GSW: TSX-V) (“Green Swan’) announces an addition to its board of directors, the conversion of certain non-arm’s length debt to equity, and a contemplated financing.
Board
Green Swan is pleased to welcome Mr. John Masters to its board of directors. Mr. Masters is financially literate and has extensive experience with public companies. Positions held include director and corporate secretary of Alix Resources Corp.; director, Chief Financial Officer and corporate secretary of Caribou King Resources Ltd.; and, corporate secretary of Ashburton Ventures Inc. and of Cavan Ventures Inc. Mr. Masters is also Vice President of England Communications Ltd., a private management company. Mr. Masters will sit as an independent director and will join Green Swan’s audit committee.
Green Swan extends its warm appreciation to Mr. Dan Hilton, who is leaving Green Swan’s board to focus his attention on his new Chief Financial Officer and Corporate Secretary role with Datawind Innovations Pvt. Ltd., which has offices in Canada, USA, and India.
Conversion
To preserve Green Swan’s cash, certain non-arm’s length creditors of Green Swan have agreed to accept common shares of Green Swan in lieu of cash to settle a total of $60,000 (sixty thousand dollars) in outstanding liabilities, at a conversion price of $0.05 per common share, representing a significant premium over the closing price on January 13, 2014 of $0.03 per share.
These liabilities have been disclosed in Green Swan’s financial statements. The conversion has been approved by the independent members of Green Swan’s board.
Offering
Green Swan is contemplating an offering of 2,000,000 Units at a price of $0.05 per Unit. Each Unit shall consist of one (1) Green Swan common share and one 12-month common share purchase warrant having an exercise price of $0.075 (seven and a half cents) (the “Warrant”.
Green Swan will pay to any participating registrant a cash commission of 8% of the gross proceeds of the Offering sourced by such registrant and broker warrants equal to 8% of the number of Units issued by Green Swan with respect to the Offering as sourced by such
registrant. These broker warrants have the same characteristics as the Warrants. The use of proceeds is to fund working capital.
The transactions contemplated above are subject to regulatory approval.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian company engaged in the business of acquiring, exploring and dealing in mineral properties in Canada. Green Swan, with fewer than 20,000,000 shares outstanding, is well-poised to deliver real value through exploration and through corporate M&A activities.
Forward Looking Statements
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. GSW cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what GSW currently foresees. Discussion of the various factors that may affect future results is contained in GSW's recent filings, available on SEDAR. GSW assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer, Any reference to any other issuer should be cross-checked for accuracy and context by the reader. 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.
On Behalf of the Board of Directors
GREEN SWAN CAPITAL CORP.
“Peter M. Clausi”
Peter M. Clausi
President, CEO and Director
For Further Information:
Peter M. Clausi [email protected] 905-681-1925
Neither 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.