Le Lézard
Classified in: Science and technology, Business
Subjects: FINANCING AGREEMENTS, BOARD OF DIRECTORS, Restructuring / Recapitalization

Cryptologic Corp. Announces Closing of Previously Announced Transaction, Name Change and Change in Directors and Officers

TORONTO, May 28, 2021 (GLOBE NEWSWIRE) -- Cryptologic Corp. (CSE:CRY) (the "Company") is pleased to announce that it has closed the previously announced acquisition (the "Acquisition") of Copenhagen Minerals Inc. ("Copenhagen") pursuant to the amended and restated share purchase agreement (the "Amended and Restated SPA") dated May 21, 2021 with Greenland Resources Inc. (the "Seller"), Copenhagen, RSG Mining Corp. and certain other parties. Copenhagen owns 100% of a mineral exploration license known as the Storø Gold Project, located in Greenland.

Amended and Restated SPA

As part of the closing of the Acquisition, the Company issued an aggregate of 37,600,000 common shares of the Company at a deemed issue price of C$0.24 per share (the "Consideration Shares") to the Seller and certain other parties.

Please refer to the Company's news releases dated January 28, 2021, March 22, 2021, May 18, 2021, May 25, 2021, the Notice of Meeting and Information Circular of the Company dated March 12, 2021, the SPA and the Amended and Restated SPA, each of which is available on SEDAR at www.sedar.com, for additional information on the Acquisition. Further details about the Acquisition and the issuer resulting from the Acquisition (the "Resulting Issuer") will be provided in a listing statement of the Company that is prepared and filed in respect of the Acquisition. Investors are cautioned that, except as disclosed in such listing statement, any information released or received with respect to the Acquisition or the Resulting Issuer may not be accurate or complete and should not be relied upon.

Name Change and Change in Directors and Officers

As a result of the of the closing of the Acquisition, the Company changed its name from "Cryptologic Corp." to "Greenhawk Resources Inc.".

Dale Johnson and John FitzGerald resigned from their positions as directors of the Company and Mr. FitzGerald and Joshua Lebovic resigned from their positions as Chief Executive Officer and Chief Financial Officer of the Company, respectively. Greg McKenzie was appointed Chief Executive Officer and Carmelo Marrelli was appointed Chief Financial Officer and Corporate Secretary. Mr. McKenzie was appointed to the board of directors of the Company along with Ruben Shiffman, William Randall and Dwayne Melrose. Tom English will continue to be a director of the Company.

About Greenhawk Resources Inc.

Greenhawk owns a 100% legal and beneficial interest in two mineral exploration licenses and one prospecting license in Greenland known as the Storø Gold Project.

For information, please contact:

Greg McKenzie
Chief Executive Officer
Phone: 416-504-2020
Email: [email protected]

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release, including statements with respect to the Company filing the listing statement in respect of the Acquisition, contain forward-looking information which can be identified by the use of forward looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements necessarily involve risks and uncertainties that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond management's control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

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