Sergei Stetsenko

February 07, 2017 20:44 ET

Sergei Stetsenko Announces Purchase of Shares in Greatbanks Resources Ltd.

TORONTO, ONTARIO--(Marketwired - Feb. 7, 2017) - Sergei Stetsenko (the "Purchaser") announces that between October 18, 2016 and February 6, 2017, he purchased, through market transactions on the TSX Venture Exchange, 1,285,000 common shares of Greatbanks Resources Ltd., ("Greatbanks" or the "Corporation") representing approximately 3.9% of the Corporation's outstanding common shares. The Purchaser purchased the common shares at an average price of $0.08 per common share for total proceeds of $94,565.95.

Prior to this sale, the Purchaser beneficially owned and controlled 5,000,000 common shares and 5,000,000 common share purchase warrants (the "Warrants") representing approximately 15.5% of the outstanding common shares of the Corporation on a non-diluted basis and 26.9% on a partially diluted basis assuming exercise of the Warrants. The Purchaser now beneficially owns and controls 6,285,000 common shares and 5,000,000 Warrants, representing approximately 19.5% of the outstanding common shares on a non-diluted basis and 30.3% on a partially diluted basis assuming exercise of the Warrants.

The common shares were purchased for investment purposes. The Purchaser has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear with Greatbank's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by contacting Sergei Stetsenko.

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