NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- 5045299 Ontario Inc. (“5045299”), a corporation formed on the amalgamation of 2449539 Ontario Inc. and Gupta Group Mining and Resources Inc., announces that it has disposed of 17,333,333 common shares (the “Shares”) in the capital of Greenland Resources Inc. (“Greenland”) and an option to acquire 600,000 common shares in the capital of Greenland (the “Options”) through a private sale transaction pursuant to a securities purchase agreement for an aggregate purchase price of $2,150,100, or $0.124 per share, totaling an aggregate of $2,149,333.29 for the Shares, and $766.71 for the Options (the “Transaction”).
Prior to the closing of the Transaction, 5045299 beneficially owned or exercised control or direction over 17,333,333 Shares and 600,000 Options, representing approximately 23.34% of the issued and outstanding shares of Greenland on a non-diluted basis and representing approximately 23.96% of the issued and outstanding shares of Greenland, assuming the full exercise of all of the Options that 5045299 beneficially owns or exercises control or direction over. Following the closing of the Transaction, 5045299 will not own any securities of Greenland. The Shares and Options referred to above were held for investment purposes.
A copy of the report relating to this acquisition may be found on Greenland’s profile at www.SEDAR.com or may be obtained from Reetu Gupta at 905-940-9409 and reetu.gupta@eastonsgroup.com or at 5045299’s registered address at 3100 Steeles Avenue East, Suite 601, Markham, Ontario L3R 8T3. Greenland’s head office is located at 18 King Street East, Suite 902, Toronto, Ontario M5C 1C4.