Greencastle arranges $200,000 financing, appoints CEO

Executive Summary

• Greencastle Resources Ltd. announced a non-brokered private placement for gross proceeds of up to $200,000, issuing up to 5 million units at $0.04 per unit.
• The company simultaneously announced the appointment of Albert Contardi as Chief Executive Officer and Director, replacing Anthony Roodenburg.
• Proceeds are designated for accounts payable, and the offering is subject to regulatory approvals including the TSX Venture Exchange.

Key Details

• Financing Structure: Non-brokered private placement.
• Units Issued: Up to 5,000,000 units.
• Price: $0.04 per unit.
• Gross Proceeds: Up to $200,000.
• Unit Composition: Each unit consists of one common share and one whole common share purchase warrant.
• Warrant Terms: Each warrant allows the holder to acquire one common share at $0.05 per share for a period of two years from the date of issuance.
• Use of Proceeds: Accounts payable.
• Finder’s Fees: The company may pay a cash commission of 6% of gross proceeds and issue finders' warrants equal to 6% of the units sold. Finders' warrants have identical terms to the investor warrants ($0.05 exercise price, 2-year term).
• Restrictions: Securities are subject to a hold period of four months plus one day from issuance.
• Regulatory Status: Closing is subject to corporate and regulatory approvals, specifically the TSX Venture Exchange.
• Management Change: Albert Contardi appointed as CEO and Director, replacing Anthony Roodenburg.
• New Executive Profile: Contardi has over 15 years of experience in legal, investment, and capital markets; currently President of Generic Capital Corp; called to the Ontario Bar; Queen's University Law School graduate.

Notable Quotes

• "Mr. Contardi is a consultant/adviser with over 15 years of legal, investment and capital markets experience. He is currently president of Generic Capital Corp., a Toronto-based exempt market dealer. Mr. Contardi's expertise involves advising and structuring corporate finance transactions in the mining, technology and biotechnology sectors to maximize the value of projects/assets."