Green River Gold Corp. Announces the Formation of a Limited Partnership
Edmonton, Alberta--(Newsfile Corp. - September 9, 2020) - Green River Gold Corp. (the "Company") is pleased to announce the formation of a limited partnership named "Green River Gold Trading Limited Partnership" which was formed pursuant to the laws of the Province of British Columbia (the "Partnership").
The purpose of the Partnership is to acquire raw gold from placer miners and sell such raw gold to refineries and other customers at such times, in such amounts and on such terms as are deemed acceptable by the Partnership.
The Company will function as the General Partner of the Partnership holding a 0.1% interest therein and Perry Little, President and Chief Executive Officer of the Company, is the initial Limited Partner.
The Company, as General Partner, in exchange for its management of the Partnership's business and affairs will receive a monthly fee of $5,000 per month in addition to payment of 1% of the gross revenues of the Partnership. The Company, as General Partner, will also have the opportunity, on an ad hoc basis, to provide backstop financing for gold purchases made by the Partnership. The terms of any such financing arrangement are anticipated to include an interest rate of 20% per annum, compounded annually, and would be fully secured by the gold purchased by the Partnership until such time as the loan is fully repaid and discharged.
The Partnership will operate out of a portion of the Company's newly-rented and well-secured facility at 3650 Highway 97 North on the north end of Quesnel, B.C. As of the date hereof, construction of the secure gold buying area is substantially complete.
About Green River Gold Corp.
Green River Gold Corp. acquires and develops placer mining claims and mineral claims. The Company also distributes mining supplies and equipment from a retail facility in Quesnel, British Columbia.
The Company controls a 100% interest in the flagship Fontaine Gold Project. The Fontaine Gold Project includes 565 hectares of placer mining tenures as well as 8,937 hectares of mineral tenures. The Fontaine Gold Project is situated 12 kilometers southwest of Barkerville. The properties straddle an 18 km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Gold Royalties Cariboo Gold Project (formerly Barkerville Gold Mines).
The Company also controls a 100% interest in the Little Swift Placer Gold Project, the Sovereign Placer Gold Project, the Willow River Placer Gold Project and the Swift River Placer Gold Project. The Company rents placer claims to placer golds miners for cash rent, in lieu of a royalty.
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com
Below is a current map of the Company's mining claims:
To view an enhanced version of Map 1, please visit:
For more information contact:
Green River Gold Corp.
Mr. Perry Little
President and Chief Executive Officer
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding: the compensation to be paid in respect of management fees related to the Partnership, potential future financing arrangements between the Company and the Partnership and the terms thereof; the intended business and operations of the Partnership and the effect thereof on the business of the Company. In making the forward- looking statements contained in this press release, the Company has made certain assumptions, including that: the Partnership will be formed as described herein; and synergies created by the Partnership and its business will have a positive impact on the business of the Company . Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The securities of the company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63545