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Proposed Disposition of Common Shares and Options of Greenland Resources Inc.

5045299 Ontario Inc.
·2 min read

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES

TORONTO, Feb. 16, 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 he has filed a Form 45-102F1 – Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 Resale of Securities (the “Sales Notice”) in connection with the proposed disposition of up to 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”) which is expected to be completed through private sales during the duration of the sales period contemplated in the Sales Notice, which will expire on March 18, 2021. There is no assurance as to the timing of the transactions contemplated in the Sales Notice nor whether any such transactions will occur.

As at the date of the Sales Notice described herein, 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. 5045299’s ownership of securities of Greenland has not changed as compared to the foregoing as at the time of the filing of this News Release.

5045299 will file one or more Early Warning Reports on Form 62-103F1, and related press releases, in connection with the completion of the transactions described herein in accordance with applicable securities laws.

In addition to the transactions described herein and disclosed in the Sales Notice, 5045299 may increase or decrease his investment, directly or indirectly, in securities of Greenland from time to time, depending on market conditions or any other relevant factors.

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.

43489217.3