Vancouver, British Columbia / TheNewswire / March 3, 2017 - Guyana Goldstrike Inc. (formally, Swift Resources Inc.) (the "Company") (TSXV: GYA) is pleased to announce that it has completed the acquisition (the "Transaction") of Romanex Guyana Exploration Ltd. ("Romanex"). Romanex is a privately-held mineral exploration company incorporated under the laws of the Republic of Guyana. Romanex holds a one-hundred percent interest in the Marudi Mountain mining license located in Guyana.
In connection with closing of the Transaction, the Company has issued 4,781,250 common shares and 468,750 common share purchase warrants (each, a "Warrant") to the existing shareholders of Romanex. Each Warrant is exercisable to acquire an additional common share of the Company at a price of $0.20 per share for a period of twenty-four months. Pursuant to the terms of the Transaction, the Company is also required to complete a series of cash payments totaling US$775,000 in the thirty-six months following closing, and to reimburse the vendors for certain expenses incurred in support of Romanex and the Transaction. The Company will also issue a total of 653,437 common shares in the thirty-six months following closing, as a finders' fee to an arm's length third-party who assisted the Company in facilitating the Transaction.
Following completion of the Transaction, the Company has changed its name to "Guyana Goldstrike Inc." Trading in the common shares of the Company will remain halted pending completion of final filings with the TSX Venture Exchange (the "Exchange"). Subject to final approval of the Exchange, the Company will be listed as a Tier 2 Mining Issuer under the new symbol "GYA".
All securities issued in connection with the completion of the Transaction are subject to a four-month-and-one-day statutory hold period. The Company will provide additional details in respect of the private placement financing completed in connection with the Transaction as soon as they are available.