EDMONTON, ALBERTA - TheNewswire - July 24, 2020 - Green River Gold Corp. (the "Company") (CSE:CCR) (CNSX:CCR.CN) is pleased to announce its intention to form a limited partnership, expected to be named the "Green River Gold Trading Limited Partnership", pursuant to the laws of the Province of British Columbia (the "Partnership").
The purpose of the Partnership will be 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.
It is anticipated that 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, will act as the initial Limited Partner.
The Company, as General Partner, in exchange for its management of the Partnership's business and affairs is expected to 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 a newly-rented and well-secured facility at 3650 Highway 97 North on the north end of Quesnel, B.C. (the "Facility"). The Facility will allow for a greatly expanded retail space for the Company's existing retail business which continues to grow, bolstered in part by the Company's newly executed distributorship arrangement with Angus MacKirk Mining & Manufacturing.
The Facility will also house the gold equipment manufacturing, welding, repair and service operation which is carried on by 1070923 B.C. Ltd., a related party of the Company.
The Facility, with its two acre storage yard, will provide increased visibility for the Company. With the Partnership's gold buying business operating on-site, the Company will move a step closer to being a "one-stop shop" for placer miners.
About Green River Gold Corp.
Green River Gold Corp. acquires and develops placer mining claims and mineral claims.
The Company controls a 100% interest in the flagship Fontaine Gold Project, a 100% interest in the Little Swift Gold Project and a 100% interest in the Sovereign Gold Project. The 8,900-hectare Fontaine Gold Project is situated 12 kilometers southwest of Barkerville. The property includes both placer and hard-rock tenures. 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). Green River Gold Corp. also distributes equipment for the placer mining industry from its facility in the heart of the Cariboo mining district in Quesnel, BC.
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:
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For more information contact:
Green River Gold Corp.
Mr. Perry Little
President and Chief Executive Officer
780-993-2193
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 formation of the Partnership and the its expected structure; 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.
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