TORONTO, May 28, 2021 (GLOBE NEWSWIRE) – Greenland Resources Inc. (“Greenland Resources” or the “Company”) is pleased to announce the completion of the previously announced transaction with Cryptologic Corp. (CSE: CRY) (“Cryptological“) January 27, 2021 to sell 100% of the outstanding shares of the Company’s 100% subsidiary, Copenhagen Minerals Inc., which owns the Storø Gold project, located in southwest Greenland (the”Transaction”). Following the closing of the transaction, Cryptologic changed its name to “Greenhawk Resources Inc.” (“Greenhawk”).
Following the closing of the transaction, the company received cash consideration of $ 0.25 million and a total of 22 million common shares of Greenhawk at a deemed issue price of $ 0.24. per share as well as representation on the board. For more information on the transaction, please see the company’s press releases dated January 28, 2021. The transaction will create value for Greenland Resources shareholders and allow the company to focus on its flagship molybdenum project of World class Malmbjerg in east-central Greenland.
Upon completion of the transaction, Greenland Resources acquired 22,000,000 common shares of Greenhawk, representing approximately 26.0% of the issued and outstanding common shares of Greenhawk on an undiluted and partially diluted basis. Prior to the closing of the transaction, Greenland Resources did not own any common shares of Greenhawk.
Greenland Resources acquired the securities of Greenhawk as part of the transaction and for investment purposes. Depending on market and other conditions, the Company may from time to time in the future increase or decrease its ownership, control or direction over Greenhawk securities depending on the circumstances. For the purposes of this notice, the head office of Greenland Resources is located at 181 University Avenue, Suite 1410, Toronto, Ontario M5H 3M7.
In accordance with the requirements of National Instrument 62-104 respecting Take-over Bids and Take-Over Bids and National Instrument 62-103 respecting Early Warning System and Related Matters Relating to Take-Over Bids and Disclosures. Insiders, an early warning report in the event of an acquisition of the common shares of Greenhawk by Greenland Resources will be filed under Greenhawk’s SEDAR profile at www.sedar.com.
About Greenland Resources Inc.
Greenland Resources is a Canadian reporting issuer regulated by the Ontario Securities Commission focused on the development of its world-class Climax pure molybdenum deposit located in east-central Greenland. The Malmbjerg molybdenum deposit has limited measured and indicated resources in the pit of 247.1 million tonnes at 0.180% MoS2, for 587 million pounds of contained metallic molybdenum (RPA, 2018). The project benefits from a 2008 feasibility study carried out by Wardrop (now Tetra Tech), an environmental and social impact study (SRK, 2007), a concept study for the optimization of engineering (DRA 2019) and obtained a previous operating license in 2009. With offices in Toronto, the company is led by a management team with extensive experience in the mining industry and financial markets. For more details, please see our website (www.greenlandresources.ca) as well as our Canadian regulatory documents on the Greenland Resources profile at www.sedar.com.
|For more information, please contact:|
|Ruben Shiffman, PhD||Executive Chairman, President|
|Keith Minty, P.Eng., MBA||Engineering and project management|
|Jim Steel, geo, MBA||Exploration and mining geology|
|Nauja Bianco, M.Pol.Sci.||Public and community relations|
|Gary Anstey||Investor Relations|
|The head office||Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7|
|Phone||+1 647 273 9913|
CAUTION: This press release contains forward-looking information and statements, which can generally be identified by the use of the words “will”, “intention”, “expects”, “should”, “subject to” , “Anticipates” And variations or similar expressions and which include, but are not limited to, information and statements concerning or inferring future activities, operations, financial performance, prospects and other plans, intentions, expectations , estimates and beliefs of the Company. These statements include those relating to the terms of the transaction, the value of Copenhagen Minerals Inc., the value of the consideration to be paid by Cryptologic in connection with the transaction, as well as the expectations and plans of Greenland and Cryptologic after closing. of the acquisition. . Forward-looking information and statements involve and are subject to assumptions and to known and unknown risks, uncertainties and other factors which may cause the actual events, results, performance or achievements of the company to be materially different from events, results, future performance, and the achievements expressed or implied by the forward-looking information and statements contained herein.
Although the Company believes that the forward-looking information and statements contained herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that such forward-looking information and statements prove to be correct, and therefore readers are urged to rely on their own assessment of these risks and uncertainties and should not place undue reliance on such forward-looking information and statements. All forward-looking information and statements contained herein are made as of the date hereof, and except as required by applicable law, the Company assumes no obligation and disclaims any intention to update or revise the forward-looking information and statements. hereof or to update the reasons that actual events or results could differ or differ from those projected in the forward-looking information and statements contained herein, whether as a result of new information, events or future results , or otherwise, except as required by applicable law.