TORONTO, ONTARIO--(Marketwired - Nov 10, 2017) - Reetu Gupta ("Ms. Gupta"), announces that on November 9, 2017 she acquired ownership, and control or direction of 8,666,666 Subscription Receipts (the "Receipts") of Greenland Resources Inc. (the "Company") at a price of CDN $0.15 per Receipt for aggregate consideration of CDN $1,300,000 (the "Offering"). The Receipts were acquired by a holding company of Ms. Gupta's, Gupta Group Mining and Resources Inc, pursuant to a non-brokered private placement of the Company which closed November 9, 2017.
Each Receipt is automatically exercisable for one Common Share ("Common Share") of the Issuer at a price of CDN $0.15 if a condition in equity financing (the "Financing Condition") is completed on or before February 28, 2018. If the Financing Condition is not met, the Issuer shall repay the entirety of the subscription price to Ms. Gupta. Ms. Gupta has the right to waive the Financing Condition at any time. Upon exercise of the Receipts for Common Shares and only at such time, the subscriber shall be granted 600,000 bonus options ("Bonus Options") to purchase Common Shares at CDN $0.20.
Prior to the Offering, Ms. Gupta had ownership, and control or direction of 8,666,667 Common Shares and 400,000 stock options ("Options") of the Company, representing 25.45% of the 35,225,000 issued and outstanding Common Shares of the Company on a partially diluted basis. Following the completion of the Offering, Ms. Gupta has ownership, and control or direction of 8,666,667 Common Shares, 8,666,666 Receipts, and 400,000 Options for a total of 17,733,333 securities representing 36.14% of the 39,991,666 issued and outstanding Common Shares of the Company on a partially diluted basis. Ms. Gupta acquired the Receipts for investment purposes, and has no current intention to increase her beneficial ownership of, or control or direction over, securities of the Company. These investments will be reviewed on a continuing basis and holdings may be increased or decreased in the future.
As a result of the Offering, the number of Common Shares Ms. Gupta beneficially owns, and exercises control or direction over of the Company has increased by more than 2%. In satisfaction of the requirements of National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an Early Warning Report respecting the acquisition of Receipts by Ms. Gupta will be filed under the Company's SEDAR Profile at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.