Burlington, Ontario--(Newsfile Corp. - April 24, 2017) - The shareholders of Green Swan Capital Corp. (TSXV: GSW) (the "Company" or "Green Swan") today approved all items put forward at the Annual and Special Shareholder Meeting, including the re-election of all directors and an approval to change the Company's name to "CBLT Inc."
The Company believes the world entered a cobalt-deficit position in 2016, due to a combination of falling production and increased demand for cobalt in power storage devices like batteries and the Powerwall, and that this deficit will continue for a number of years. This deficit is reflected on the London Metal Exchange where the price of cobalt is up over 250% since February, 2016.
War-torn Congo cannot be a reliable provider of ethical and transparent cobalt, which means electric battery manufacturers must look to other jurisdictions for their cobalt. The Company began an aggressive move as an early leader in this field, and as a result has created a strong portfolio of mining assets in reliable jurisdictions, to date focusing on Canada.
Changing the name to CLBT Inc. better demonstrates the Company's emphasis on cobalt exploration and development. The Company has reserved the trading symbol "CBLT" pending the formal name change. Regulatory approval will be required for the corporate name change and the symbol change. New social media platforms under the new name will be implemented as soon as possible.
Said CEO Peter M. Clausi, "This vote is a resounding endorsement of the board's early strategic decision to move into cobalt where a transparent supply chain can be managed. With the shareholders' confidence, in 2017 we intend to imminently close the previously-announced $1 million non-brokered financing; to carry out field work in Sudbury, Gowganda and Quebec, and, to continue with our M&A activity to create value with our pen as well as addition to the drill bit."
Green Swan continues to build its impressive portfolio of assets in mining-friendly jurisdictions, including its main Sudbury gold/cobalt asset, Dryden Cobalt, Otto Lake, Chilton Cobalt (Quebec), Geneva Lake, Ryliejack and Mikayla.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management.Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions.Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, the Company will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: reliance on key personnel; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market interest rates on price of securities, and potential dilution.
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:
Peter M. Clausi
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.