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Green Swan raises $647K for joint venture

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Published on January 3, 2012; Published on January 3, 2012
OBJ Staff

Green Swan Capital Corp. (TSX-V:GSW.H) has successfully secured financing to fund a mining joint venture it has been working on with Melkior Resources Inc. (TSX-V:MKR)

Topics :: Ottawa , Northern Ontario

The Ottawa capital pool company raised $647,019.98 via flow-through and cash financings.

Flow-through financing included 1,807,846 shares at 13 cents per share, and the cash financing comprised 4,120,000 units at 10 cents a share.

Last August, Green Swan announced it was looking to acquire an option to purchase up to a 70-per-cent interest in Melkior's RiverBank and Broke Back claims in the Ring of Fire area of northern Ontario.

The firm was required to do the qualifying transaction to secure funds; it is a common method used by capital pool companies to raise money quickly and inexpensively.

The TSX Venture Exchange is expected to issue an update on Jan. 11 regarding its receipt of the qualifying transaction.

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