GreenBank Capital Announces Extension of Call Option to Acquire the Balance of Staminier Limited

Rhea-AI Summary

GreenBank Capital Inc. has announced an extension of its Call Option to acquire the remaining 81% of Staminier Limited until October 26, 2020. This follows the March 11, 2020 agreement where GreenBank acquired 19% of Staminier and received shareholder approval with 99.9% voting in favor at the April 8 Annual General Meeting. The extension provides GreenBank with additional time and flexibility to exercise this option.

Positive

• Extension of Call Option enhances strategic timing and flexibility for further acquisition of Staminier.
• Shareholder approval of 99.9% indicates strong support for GreenBank's management decisions.

Negative

• Need for extension may raise concerns about the urgency or ability to complete the acquisition.

This news release is not for distribution or dissemination in the United States of America

TORONTO, ON / ACCESSWIRE / September 11, 2020 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank or the Company") announces that it has reached an agreement to extend the expiry period of its Call Option to acquire the remaining 81% of Staminier Limited ("Staminier") until October 26, 2020.

As previously disclosed, per the terms of the March 11, 2020 Stock Purchase Agreement between GreenBank Capital Inc., Staminier Limited, and the shareholders of Staminier, GreenBank acquired 19% of Staminier, an initial $480,000 CAD funding line loan from Staminier, and a Call Option to acquire the remaining 81% of Staminier with an expiry date of September 11, 2020 subject to GreenBank obtaining formal shareholder approval and fulfilling any necessary regulatory requirements. Subsequently, at the April 8^th Annual General and Special Meeting of Shareholders, GreenBank received shareholder approval for GreenBank Management, at its discretion, to exercise the Call Option with 99.9% of the eligible shareholders at the meeting voting in favor.

Today's agreement increases GreenBank's flexibility by providing additional time to exercise the Call Option at Management's discretion.

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 has a multi-sector, multi-stage investment thesis with a global remit. GreenBank's investment approach is to identify companies with the capacity for rapid growth with a strong management team, that can be scaled and prepared for a public listing over a period of 6-24 months. GreenBank's portfolio companies comprise equity investments in 11 small cap businesses, namely; 19% of Staminier Limited, a United Kingdom Merchant Banking firm; 59.5% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 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; 19% of Inside Bay Street Corporation, a financial news communications company; 34.8% of Gander Exploration Inc, a minerals exploration company; 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 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.

View source version on accesswire.com:
https://www.accesswire.com/605820/GreenBank-Capital-Announces-Extension-of-Call-Option-to-Acquire-the-Balance-of-Staminier-Limited

FAQ

What is the new expiry date for GreenBank's Call Option on Staminier Limited?

The new expiry date for GreenBank's Call Option to acquire Staminier Limited is October 26, 2020.

Why did GreenBank extend the Call Option for Staminier Limited?

GreenBank extended the Call Option to gain additional time and flexibility to finalize the acquisition.

What percentage of Staminier has GreenBank already acquired?

GreenBank has already acquired 19% of Staminier Limited.

What was the shareholder approval percentage for exercising the Call Option?

The shareholder approval percentage for GreenBank to exercise the Call Option was 99.9%.