Dr. Ruben Shiffman Files Early Warning Report in Respect of Greenland Resources

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TORONTO, Jan. 29, 2024 (GLOBE NEWSWIRE) — Dr. Ruben Shiffman announces that in a series of transactions, he has transferred part of his position to his wholly-owned holding company, 2240882 Ontario Inc. and has made a series of ordinary-course purchases at the market price on the open markets (the “Purchases”), through which he has acquired securities in Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”). Following the Purchases, Dr. Shiffman holds 16,919,307 common shares of the Company (of which, 12,441,500 are held directly, and 4,477,807 are held through his wholly-owned holding company, 2240882 Ontario Inc.), as well as 2,850,000 options and 96,153 warrants, representing 14.4% of the Company’s issued and outstanding common shares on an undiluted basis and 16.5% of the Company’s issued and outstanding common shares on a partially diluted basis.

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In addition, Dr. Shiffman is a director and minority shareholder of a Canadian private company Shiffoil Inc that holds 5,785,600 common shares of the Company, representing approximately 4.9% of the Company’s issued and outstanding common shares on both an undiluted and partially diluted basis.

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Taken together, Dr. Shiffman and Shiffoil Inc. hold 22,704,907 common shares of the Company as well as 2,850,000 options and 96,153 warrants of the Company, representing approximately 19.4% and 21.4% of the issued and outstanding common shares of the Company on an undiluted and partially diluted basis, respectively. The Purchases by both Shiffoil Inc. and Dr. Shiffman were completed for investment purposes, and depending on market and other conditions, they may from time to time in the future increase or decrease their ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise.

In satisfaction of the requirements of National Instrument 62-104 – Take-Over…