TORONTO, October 21, 2016 – Sergei Stetsenko (the "Purchaser") announces that on October 11, 2016, he acquired beneficial ownership (the “Acquisition”) of 5,000,000 units (“Units”) of Greatbanks Resources Ltd. (the “Corporation”) at a price of $0.03 per Unit for total consideration of $150,000.00.
Each Unit consists of one common share (each a "Common Share") and one common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share of the Corporation at a price of $0.08 per Common Share for a period of three years from the closing date.
As of the date hereof, after giving effect to this acquisition, the Purchaser beneficially owns and controls 5,000,000 Common Shares and 5,000,000 Warrants of the Corporation, representing approximately 15.54% of the issued and outstanding shares on a non-diluted basis, and approximately 26.91% on a partially diluted basis. Prior to the date hereof, the Purchaser did not beneficially own any securities of the Purchaser.
The Units were acquired by the Purchaser for investment purposes. The Purchaser has a long-term view of the investment and may acquire additional securities of the Corporation either on the open market or through private acquisitions or sell securities of the Purchaser either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
The Corporation is located at Suite 103 - 991 Hornby Street, Vancouver, British Columbia, V6Z 1V3. An early warning report in respect of the above-noted transaction will be filed on SEDAR at www.sedar.com. A copy of the early warning report may be obtained from the Corporation by contacting:
President & CEO
Greatbanks Resources Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
About Greatbanks Resources Ltd.
Greatbanks Resources Ltd. is a Toronto, Canada based mineral exploration company focused on identifying producing assets and near term production opportunities.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the Company's plan of business operations, estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.