GreenBank Capital to Resume Trading on the CSE
This news release is not for distribution or dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / July 27, 2020 / GreenBank Capital Inc. (CSE:GBC)(OTCMKTS:GRNBF)(FRA:2TL) (“GreenBank or the Company”) reports that it has satisfied the Exchange requirements necessary to allow for the reinstatement of trading on the Canadian Securities Exchange (CSE). An updated Listing Statement for GreenBank is now available on TheCSE.com and has been filed on SEDAR.
GreenBank was the subject of a failure to file cease trade order (“FFCTO”) by the Ontario Securities Commission for failing to file the Company’s financial statements, accompanying management’s discussion and analysis, and the CEO and CFO certifications for the fiscal year ended July 31, 2018, in a timely manner. As a result, GreenBank Capital was suspended from trading by the CSE in December 2018. This was as a direct consequence of the unexpected passing of the Founder Chairman and CEO, Daniel Wettreich. The management team has since re-built the institutional knowledge lost with the passing of the founder and met all its disclosure requirements.
On January 31st, 2020 GreenBank obtained OSC approval for the revocation of the FFCTO on its stock, and subsequently filed an application to the Canadian Securities Exchange (“CSE”) to resume trading of its common shares. The CSE has now approved this application and the common shares of GreenBank Capital will resume trading on the CSE.
During the period that trading in GreenBank’s shares was suspended, and as previously announced, GreenBank elected to discontinue and wind up operations of five of its portfolio companies: North America Veterans Insurance Services Inc., Medik Blockchain Inc., Cannabis Blockchain Inc., Expatriate Assistance Services Inc., and Veterans Financial Group.
Furthermore, on March 11th, 2020 in an arms-length transaction, GreenBank made an investment to acquire a 19% stake in Staminier Limited (“Staminier”), a United Kingdom Venture Capital and Merchant Banking Business. GreenBank management views the Staminier investment as a key piece in its strategy moving forward. On April 8th, 2020 GreenBank held an annual and special meeting of its shareholders where a special resolution giving GreenBank management, at its discretion, the authority to exercise an existing call option to acquire the remaining 81% of Staminier was approved with a 99.99% vote. The ability to exercise the option is strictly conditional upon GreenBank fulfilling any and all regulatory and CSE requirements, including the filing of a prospectus if deemed necessary.
With the restructuring work that has been performed, we feel that GreenBank Capital is well-positioned to grow its business as its shares resume trading once again on the CSE.
About GreenBank
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL). GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 11 small cap businesses, namely; 19% of Staminier Limited, a UK-based venture capital and merchant banking business; 52.5% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 22.3% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 47.5% of GBC Grand Exploration Inc, a gold exploration company in Newfoundland, Canada; 59.5% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19% of Inside Bay Street Corporation, a financial news communications company; 34.8% of Gander Exploration Inc, a minerals exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 25.2% of Buchans Wileys Exploration Inc, a minerals exploration company; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; and 11.2% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company.
For more information please see https://www.GreenBankCapitalinc.com or contact Mark Wettreich at (647) 693 9411 or by email mark@GreenBankCapitalinc.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GreenBank Capital Inc.
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