CALGARY, May 5 /CNW/ - Lyncorp International Ltd. ("Lyncorp"), of Calgary, Alberta, a company controlled by David Mullen, a director and control person of Golconda Resources Ltd. (TSXV: GA) ("Golconda"), reports that on May 4, 2010 Lyncorp acquired 3,666,667 Units of Golconda at a price of $0.075 per Unit for total consideration of approximately $275,000, upon completion of the initial closing of a non-brokered private placement of up to 10,000,000 Units (the "Offering").
Each Unit consisted of one (1) common share of Golconda (each a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each whole Warrant is exercisable into one (1) Common Share of Golconda. The Common Shares and Warrants comprising the Units are subject to a four month plus one day hold period from the date of the closing of the Offering in accordance with applicable Canadian securities legislation.
The 3,666,667 Common Shares comprising the 3,666,667 Units acquired by Lyncorp represent 3.8% of the issued and outstanding of Common Shares of Golconda.
As of May 4, 2010, Lyncorp and David Mullen own directly and indirectly 45,156,667 Common Shares of Golconda (approximately 46.4% of the issued and outstanding Common Shares of Golconda). Assuming the exercise of the Warrants, Lyncorp and David Mullen would own directly and indirectly 46,990,000 Common Shares of Golconda (approximately 47.4% of the issued and outstanding Common Shares of Golconda).
Lyncorp acquired the Units of Golconda for investment purposes. David Mullen, on his own behalf and on behalf of the entities controlled by him including Lyncorp, may from time to time, directly and indirectly, acquire ownership or control over, additional Common Shares of Golconda or dispose of some or all of the Common Shares he presently owns or controls, or maintain his current holdings of Common Shares of Golconda.
Lyncorp will be filing a report under National Instrument 62-103 of the Canadian Securities Administrators in connection with the Offering. For further information and to obtain a copy of such report please contact David Mullen at (403) 266-2067.
Lyncorp International Ltd.
75 Sun Canyon Park S.E.
Calgary, AB T2X 2Z4
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release."
SOURCE LYNCORP INTERNATIONAL LTD.
For further information: For further information: David Mullen at (403) 266-2067