Sergei Stetsenko

April 17, 2017 22:03 ET

Sergei Stetsenko Purchase of Units in Greatbanks Resources Ltd.

TORONTO, ONTARIO--(Marketwired - April 17, 2017) - Sergei Stetsenko (the "Purchaser") announced that he has participated in a non-brokered private placement offering by Greatbanks Resources Ltd. (the "Company") effective March 22, 2017, wherein he purchased an aggregate 3,600,000 units of the Company (the "Units") at a price of $0.055 per Unit (the "Financing"). Each Unit consists of one common share ("Common Share") in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $0.08 until March 22, 2019.

Prior to the completion of the Financing, the Purchaser owned 6,285,000 Common Shares and 5,000,000 Warrants of the Company representing approximately 19.5% of the Company's issued and outstanding Common Shares on a non-diluted basis.

Following the Financing, the Purchaser owned an aggregate 9,885,000 Common Shares and 8,600,000 Warrants representing 15.58% of the issued and outstanding Common Shares of the Company on a non-diluted basis and 25.65% on a partially diluted basis.

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.

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