Green Swan Capital Corp. Announces Proposed Name Change
27.03.2017 | Newsfile
Burlington, March 27, 2017 - Green Swan Capital Corp. (TSXV: GSW) ("Green Swan" or the "Company") announces a management proposal to change the name of the company to "CBLT Inc.". Management feels this name is more descriptive of the company's focus on strong cobalt assets and will bring greater attention in the global markets. The Company has reserved "CBLT" as a new trading symbol.Shareholders will be asked at the April 24, 2017 shareholder meeting to approve the name change. For more detail, shareholders are encouraged to download the circular and other meetings materials from www.sedar.com. Exchange approval will be required to effect the name and symbol changes.
Green Swan owns 100% of its main Sudbury cobalt/gold asset, Dryden Cobalt in Ontario and Chilton Cobalt in Quebec, in addition to its other strong non-cobalt prospective assets. The Company has also indicated that it is in the process of acquiring other cobalt assets in strong jurisdictions capable of supporting ethical supply chains.
After the closing of the previously announced brokered $1,000,000 financing managed by Industrial Alliance Securities Inc. (see press release of March 2, 2017), the Company will outline its intended work programs for 2017. Closing is intended to take place on or about April 13, 2017.
In February, 2016, cobalt per USD on the London Metals Exchange was trading at roughly $9.85 per pound. Green Swan then predicted a global shortage of cobalt, and made a decision in the spring of 2016 to create shareholder value by sourcing cobalt assets in safe jurisdictions. This search resulted in the June, 2016 acquisition of the main Sudbury cobalt/gold property, located next to Glencore plc's main Sudbury smelter operations. A successful work and diamond drill program was carried out in the latter part of 2017. Details are at the Company's website at http://www.greenswancapital.com/site-exploration.html.
Cobalt recently hit another 5 year high, crossing USD$24.60 a pound, representing an increase of 249% in only 13 months. This price increase is a direct result of a sharp decrease in global cobalt production and a dramatic increase in cobalt usage in lithium ion batteries, including for the electric vehicle industry. The company believes this supply/demand imbalance will continue for a number of years as more electric vehicles come into production, putting further upwards pricing pressure on cobalt.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian mineral exploration company with a proven leadership team, targeting cobalt in reliable mining jurisdictions. Green Swan is well-poised to deliver real value to its shareholders.
On Behalf of the Board of Directors, GREEN SWAN CAPITAL CORP.
"Peter M. Clausi"
Peter M. Clausi, CEO and Director
For Further Information:
Green Swan Capital Corp.
Peter M. Clausi
pclausi@greenswancapital.com
1 905-681-1925
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