Mr. Andrew Male reports
GREATBANKS RESOURCES ANNOUNCES CLOSING OF ACQUISITION OF A BRITISH COLUMBIA MINERAL TENURE
Effective June 29, 2016, Greatbanks Resources Ltd. has acquired a 100-per-cent interest in B.C. mineral tenure 1037777 (the Windy claims) pursuant to an asset purchase agreement dated April 21, 2016, with Ridge Resources Ltd. and Zimtu Capital Corp. Pursuant to the terms of the agreement, the vendors received an aggregate of two million common shares of the company at a deemed price of five cents per share. In addition, the vendors received a 2-per-cent net smelter royalty on any production from the Windy claims, and the company has agreed to nominate a designee of the vendor for election to the board of directors of the company at the company's coming annual general meeting, which is expected to be held on July 18, 2016.
The Windy claims comprise 1,319.08 hectares and are located in the Cassiar district of British Columbia. Based on the company's review of historical data and technical analysis, the company has concluded that the Windy claims are worthy of further exploratory work, and is in the process of commissioning a National Instrument 43-101-compliant technical report. Upon completion of the technical report, an exploration and drilling program will be developed and executed.
We seek Safe Harbor.
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