Greenock Resources Inc. (TSX-V: GKR) has closed its acquisition of the Needles property from District Gold Inc. The property is located in Nye County, Nevada. The company has completed all documentation and the claims are now registered in the name of Arrowhead Gold Inc., a 100% owned subsidiary of Greenock.
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The final transaction is subject to a working capital adjustment which will result in Greenock issuing a total of 534,421 common shares to District. District will also retain a 2% net smelter return and has an option on the third anniversary of the transaction to buyback the property for $30,000 subject to Greenock's right to retain the property with a $1,000,000 payment.
Greenock Resources Inc. (formerly Simberi Mining Corporation) is a Canadian based international mineral development company that focuses on developing a portfolio of natural resource properties.
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