Greatbanks Resources Announces Closing of Private Placement Financing
FOR IMMEDIATE RELEASE
TORONTO, ONTARIO, March 22, 2017 - Greatbanks Resources Ltd. (TSXV: GTB), ("Greatbanks" or the "Company") is pleased to announce that today it has closed a nonbrokered private placement offering (the "Offering") for aggregate gross proceeds of $1,720,710.00
The Company issued an aggregate of 31,285,637 Units at a price of $0.055 per Unit. Each Unit consisted of one common share in the capital of the Company ("Common Share") and one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.08 until March 22, 2019.
The Company paid Finder's fees of $41,184.00 and issued 748,800 Finder fee warrants on the same terms as the Warrants.
All securities issued pursuant to the Offering, including the Common Shares and the Warrants comprising the Units and the Common Shares, are subject to a four month plus one day statutory hold commencing from Closing Date of the Offering. The Offering is subject to TSX Venture Exchange (the "TSXV") final acceptance upon filing final materials with the TSXV. The Company intends to use the gross proceeds of the Offering for strategic projects, general corporate and working capital purposes.
About Greatbanks Resources Ltd.
Greatbanks is a resource based exploration company based in Toronto, Canada. The Company is focused on identifying assets that meet the following criteria, producing, near term enhancement and exploration opportunities. Investments may be by way of acquisition, participation and/or fractional interest.
Issued on behalf of the Board of Directors of Greatbanks Resources Ltd.
Andrew Male President and Chief Executive Officer Tel: 604-561-0840 Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Disclaimer
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.