GREENBANK SHAREHOLDERS APPROVE PLAN OF ARRANGEMENT DIVIDENDS
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Toronto, Ontario, July 24, 2018 – GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that at the GreenBank annual meeting of shareholders held on 19th July, 2018 the GreenBank Plan of Arrangement was approved with a 99.99% vote. All other management resolutions were also approved.
The Plan of Arrangement will distribute to GreenBank shareholders dividends of common shares in three of GreenBank’s portfolio companies, Ubique Minerals Limited (“Ubique”), Buchans Wileys Exploration Inc (“Buchans Wileys”), and Gander Exploration Inc (“Gander”). A date of July 31, 2018 has been set for a court hearing of the final application to approve the Plan of Arrangement, subject to completion of all regulatory filings. After the dividends, GreenBank will continue to hold approximately 15% of Ubique and 10% each of Buchans Wileys and Gander in its portfolio as long-term investments. In due course, Ubique, Buchans Wileys, and Gander intend to apply for listing their shares on the Canadian Securities Exchange, although there is no guarantee that such applications will be approved.
Separately, GreenBank has agreed a debt conversion of $63,050 owing by GreenBank’s subsidiary Veterans Financial Group LLC (“VFG”) to David Lonsdale a director of VFG and GreenBank. GreenBank has issued 49,258 common shares of GreenBank at $1.28 per share in settlement of the debt, representing 0.002% of the issued and outstanding share capital. No commission is payable in relation to the debt conversion. Mr Lonsdale now owns 2,234,581 common shares, representing 8.23% of the increased share capital of GreenBank.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 16 small cap businesses, namely; 52% 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; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 25% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 12% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company; 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada; 100% of Cannabis Blockchain Inc, developers of a digital information management system for the cannabis industry; 100% of Expatriate Assistance Services Inc, providing relocation services to expatriates; and 50% of GBC Grand Exploration Inc, a minerals exploration company in Newfoundland, Canada.
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.