Great Grandad Resources Limited

May 18, 2006 09:26 ET

Great Grandad Resources Limited: Press Release

TORONTO, ONTARIO--(CCNMatthews - May 18, 2006) - Great Grandad Resources Limited announces that Maria A. Bruzzese has acquired 3,282,000 common shares of Great Grandad (being 60.0% of the 5,468,463 issued and outstanding common shares) and 1,373,170 Class A Preference Shares (being 100% of the issued and outstanding Class A Preference Shares) from Hubland Investments Limited, The R.E. Fasken Family Trust and Robert E. Fasken for a total consideration of $45,000 (allocated as to $0.0137 per common share and $1.00 for all of the Class A Preference Shares).

As part of the transaction, the existing directors of Great Grandad (being Robert E. Fasken and D. Mitchell Fasken), and the existing officers of Great Grandad (being Robert E. Fasken, President and D. Mitchell Fasken, Secretary-Treasurer) have tendered resignations. A new board of directors has been appointed consisting of Dennis H. Peterson, Ian A. Shaw and Robert L. Gordon. Dennis H. Peterson has been appointed President and Secretary.

Great Grandad does not currently have an undertaking and had a working capital deficit of $7,067 as at December 31, 2005. The new management of Great Grandad will commence a process to identify new business opportunities for Great Grandad. Success in identifying a suitable new business for Great Grandad cannot be assured, and there are no opportunities which have been identified at the present time. Further announcements will be made on the status of this process.

Dennis Peterson is a lawyer with Peterson Law Professional Corporation, a boutique law firm formed in 1995 specializing in securities law for junior issuers. Dennis Peterson was called to the Bar of Ontario in 1988, and holds an Honours Bachelor of Commerce (Queen's University) and a Bachelor of Law (University of Toronto).

Ian Shaw is a Chartered Accountant who has spent his entire career in senior financial officer roles of public resource companies. Mr. Shaw has been the Managing Director of Shaw & Associates, a provider of financial management services, since October 1993. Mr. Shaw serves as a director of several public resource companies, and has played a founding role in the establishment and reorganization of several public resource companies. Mr. Shaw holds and Honours Bachelor of Commerce (University of Toronto).

Robert Gordon, P.Eng., is the Director of Marketing and Sales for Quantec Geoscience Ltd., Toronto, Ontario. Quantec is a geophysics technology and consulting firm providing services to the resource sector. Mr. Gordon holds an MBA from the IVEY School of Business, University of Western Ontario, and a B.Sc. Geological Engineer (Geophysics Option) from Queen's University.

For the purposes of National Instrument 62-103 early warning reporting, the address of Maria A. Bruzzese is Suite 2500, 120 Adelaide Street West. Ms. Bruzzese did not exercise control or direction over any common shares or other securities of Great Grandad prior to the transaction announced herein. Great Grandad currently has 5,468,463 common shares and 1,373,170 Class A Preference Shares issued and outstanding. As a result of the acquisition announced herein, Ms. Bruzzese owns 5,468,463 common shares representing approximately 60.0% of the issued and outstanding shares of Great Grandad, and 1,373,170 Class A Preference Shares representing 100% of the issued and outstanding Class A Preference Shares of Great Grandad. There are no shares of Great Grandad subject to issuance. Ms. Bruzzese has acquired the Great Grandad shares for investment purposes, and has no current intention to increase the beneficial ownership, control or direction of Great Grandad.

WARNING: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Great Grandad Resources Limited
    Dennis H. Peterson
    President
    (416) 777-6772
    (416) 352-5693 (FAX)
    dhp@petelaw.com