Greatbanks Closes Shares-‐for-‐debt Settlement
NEWS RELEASE GREATBANKS RESOURCES LTD.
TSX-‐V: GTB
GREATBANKS CLOSES SHARES-‐FOR-‐DEBT SETTLEMENT
TORONTO, ONTARIO – February 18, 2015 – Greatbanks Resources Ltd., (“Greatbanks” or the “Company”)
(formerly Invenio Resources Corp.), (TSX.V: GTB), is pleased to announce that further to the Company’s news release dated January 27, 2015, the Company has completed its shares-‐for-‐debt settlement to settle aggregate total debt of $98,500 owing to certain creditors, both external and internal to the Company. Under the debt settlement, the Company issued an aggregate of 1,970,000 common shares (the “Shares”) of the Company at a deemed price of $0.05 per Share.
1,250,000 Shares were issued in settlement of $62,500 of outstanding debt owing to a company controlled by a director of the Greatbanks. The settlement with such company constitutes a related party transaction pursuant to Multilateral Instrument 61-‐101 -‐ Protection of Minority Security Holders in Special Transactions (“MI 61-‐101”). The Company was exempt from the formal valuation and minority approval requirements of MI 61-‐101 in reliance on Sections 5.5(b) and Sections 5.7(b), respectively, of MI 61-‐101.
The Shares were issued on February 5, 2015 and are subject to a hold period expiring on June 6, 2015.
About Greatbanks
Greatbanks is a mining and resource issuer based in Vancouver, Canada. The Company will be focused on identifying assets and opportunities that meet the following criteria, production, near term production, enhanced exploration and special situations demonstrating a potential unique growth.
Issued on behalf of the Board of Directors of Greatbanks Resources Ltd.
“Allan Williams”
______________ Allan Williams, Chairman
For further information, please contact Allan Williams, Chairman of the Company at 1 604 787 5653, [email protected] http://www.invenioresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain forward-‐looking information. All statements included herein, other than statements of historical fact, is forward-‐looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-‐looking information and a description of risk factors that may cause actual results to differ materially from forward-‐looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-‐looking information except in accordance with applicable securities laws.