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GAINEY REPORTS GOLDEN ANVIL S.A. De C.V. DEFAULTS ON PROMISSORY NOTE

Gainey Capital Corp. (TSXV: GNC) (“Gainey” or the “Company”) reports that Golden Anvil S.A. De C.V. (“Golden Anvil”) has defaulted on a Promissory Note issued to the Company as part of the Qualifying Transaction.

 

The Company received a signed Promissory Note in the amount of $266,215 from Golden Anvil to reflect amounts owing to Gainey Capital Corp. for various costs on its Mexican property. These costs were paid by Gainey Capital but were incurred by Golden Anvil prior to the finalizing of the Qualifying transaction which closed in September 2013.

 

The Note amount carries a 12% per annum interest rate compounded monthly and as of December 31, 2015 this debt, including interest, has a fair market value of $348,265. The Promissory Note is secured by 800,000 Consideration Shares (“Pledged Shares”) and personally guaranteed by Marco Antonio Rincon-Valdes and Francisco Rolando Rincon-Romo. Golden Anvil agreed to repay 50 percent of the Note on or before September 27, 2014, and the remaining 50 percent on or before March 27, 2015.

 

As per the Asset Purchase Agreement dated September 27, 2013, and given the 800,000 Consideration shares will not sufficiently cover the total outstanding, Gainey has instructed its legal counsel to settle this matter under Arbitration.

 

About Gainey Capital Corp.

Gainey is a gold and silver exploration, development and ore processing company exploring an aggregate of 18,766 hectares strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The Company’s mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day.  Additional information on Gainey, its current operations and its vision, is available on the Company’s website at www.gaineycapital.com or from This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

    “David Coburn”

David Coburn, Chief Executive Officer

 

For information, please contact the Company:

Phone: 602-315-1231    

E-mail:  This email address is being protected from spambots. You need JavaScript enabled to view it. "> This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.gaineycapital.com

 

FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

                 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.