November 7, 2016 – Vancouver, British Columbia – Swift Resources Inc. (the “Company” or “Swift”) (TSXV: SWR.H) is pleased to announce that it has entered into a definitive purchase agreement, effective November 1, 2016 (the “Definitive Agreement”), pursuant to which the Company has agreed to acquire all of the outstanding share capital of Romanex Guyana Exploration Ltd. (“Romanex”), an arm’s length party (the “Transaction”).
Romanex is a privately held mineral exploration company incorporated under the laws of the Republic of Guyana. Romanex holds a one-hundred (100%) percent interest in the Marudi Mountain Mining License (the “Property”) located in Guyana. In consideration for the outstanding share capital of Romanex, pursuant to the terms of the Definitive Agreement, Swift has agreed to complete cash payments totaling US$775,000, over a period of four years, and issue 4,000,000 common shares and 1,250,000 common share purchase warrants. In connection with the entering into of the Definitive Agreement, the Company has also paid a deposit of US$65,000 in support of the Transaction.
Following completion of the Transaction, it is anticipated that Swift will change its name to “Guyana Goldstrike Inc.”, and will be listed on the TSX Venture Exchange (the “Exchange”) as a Tier 2 Mining Issuer. Closing of the Transaction remains subject to a number of conditions including finalization of due diligence, the completion of any necessary financing, the completion of a technical report in respect of the Property, the approval of the Exchange and the satisfaction of other closing conditions customary in transactions of this nature. Subject to the approval of the Exchange, it is also a condition that the Company arrange to provide Romanex with a working capital loan of US$200,000 to be used to satisfy ongoing operational expenses associated with the Property prior to completion of the Transaction, and to arrange for the reimbursement of certain expenses incurred in the development of the Property.
The Transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the Transaction will be completed as proposed or at all. Trading in the common shares of the Company will remain halted pending further filings with the Exchange. For further information concerning the Transaction, readers are encouraged to review the Company’s news release of September 14, 2016.
For further information, contact Peter Berdusco at 1.877.844.4661.
On behalf of the Board,
Swift Resources Inc.
Peter Berdusco, Chief Executive Officer
Completion of the Transaction is subject to a number of conditions, including final Exchange acceptance. The Transaction cannot close until the required approvals are obtained, and the outstanding conditions satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.Investors are cautioned that any information released or received with respect to the Transaction may not be accurate or completeand should not be relied upon. Trading in the securities of the Company should be considered highly speculative. Other than as disclosed above, the TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actualresults to differ materially from those in forward-looking statements include market prices, continued availability of capital andfinancing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.