TORONTO, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Dinero Practico SAPI de CV SOFOM ENR (the “Corporation”) announces that it has acquired 4,666,666 common shares of Greenland Resources Inc. (“Greenland”), representing approximately 11.7% of the outstanding common shares of Greenland. Prior to the acquisition, the Corporation did not own any common shares of Greenland.
On November 9, 2017, the Corporation acquired 4,666,666 common shares at a price of $0.15 per common share for gross proceeds of $700,000 (the “Transaction”). As part of the Transaction, the Corporation acquired options to purchase up to 700,000 additional common shares of Greenland at a price of $0.20 per common share. The securities issued pursuant to the Transaction will be subject to a statutory hold period in Canada expiring four months and one day from the closing date, being March 10, 2018.
Upon satisfaction of certain conditions precedent contained in the subscription agreement, the Corporation shall be obligated to purchase an additional 8,666,667 common shares of Greenland at a price of $0.15 per common share for gross proceeds of $1,300,000 (the “Subsequent Transaction”). As part of the Subsequent Transaction, the Corporation will also acquire options to purchase up to 1,300,000 additional common shares of Greenland at a price of $0.20 per common share and be granted the right to nominate one director to the board of directors of Greenland for so long as the Corporation retains ownership of not less than 5% of the issued common shares of Greenland.
A copy of the early warning report in respect of the Corporation’s acquisition will be filed with the applicable securities commissions and can be found on Greenland’s profile at www.sedar.com
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information, please contact:
Javier Pastrana Tamez, Director
javier.pastrana@dineropractico.net