TORONTO, ONTARIO -- (Marketwired) -- 04/03/13 -- Further to its press release dated February 19, 2013, Go Capital I, Inc. ("Go Capital") (TSX VENTURE: GOC.P), a capital pool company as defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), announces that it is seeking Exchange approval for a loan to Focus Celtic Gold Corporation ("Focus Celtic") in connection with Go Capital's proposed "qualifying transaction".
Pursuant to the terms of the letter of intent (the "LOI") between Go Capital and Focus Celtic, Go Capital advanced to Focus Celtic $25,000 as an unsecured loan to be applied by Focus Celtic to preserve the exploration licenses that are the subject of the qualifying transaction (the "Licenses"). Subject to Exchange approval, as soon as possible after the date of this press release, Go Capital has agreed to advance to Focus Celtic $75,000 as a secured loan. The loan will have a term of six months and will accrue interest at a rate of 6% per annum. The principal amount of the loan and accrued interest will be secured by the granting of a security interest in the Licenses in favour of Go Capital.
The loan will be used by Focus Celtic to pay (i) its portion of the qualifying transaction expenses, (ii) outstanding third party expenses of Focus Celtic incurred in connection with exploration of the Licenses, and (iii) general and administrative costs.
About Focus Celtic Gold Corporation
Focus Celtic currently holds several gold and base metal exploration licenses in Northern Ireland, Republic of Ireland and Scotland.
About Go Capital I, Inc.
Go Capital is a capital pool company within the meaning of the policies of the Exchange. Go Capital does not have any operations and has no assets other than cash. Go Capital's business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction under the policies of the Exchange.
Trading of the common shares of Go Capital remains halted in connection with the dissemination of this press release, and will recommence at such time as the Exchange may determine, having regard to the completion of certain requirements pursuant to Exchange Policy 2.4.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Go Capital believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Go Capital disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.