TORONTO, Oct. 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:
Andrew Male, President & CEO
Greatbanks Resources Ltd.
Andrew Male, President & CEOGreatbanks Resources Ltd.