GreenBank Capital Announces Non-Brokered Private Placement Offering

Rhea-AI Summary

GreenBank Capital Inc. has announced a non-brokered private placement offering, proposing to sell up to 10 million Units at a price of $0.45 per Unit, potentially raising $4.5 million in gross proceeds. Each Unit comprises one common share and one half of a common share purchase warrant, which can be exercised at $0.50 for 36 months post-closing. The funds will be used for investment and working capital. The offering is subject to regulatory approvals. GreenBank has a diversified investment portfolio across various sectors.

Positive

• Potential to raise $4.5 million through a non-brokered private placement offering.
• Each Unit includes a purchase warrant potentially increasing shareholder value.

Negative

• The offering may dilute existing shareholders' ownership interests.

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

TORONTO, BC / ACCESSWIRE / November 3, 2020 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank or the Company") is pleased to announce that it intends to complete a non-brokered private placement offering (the "Private Placement Offering") consisting of up to 10 million Units at a price of $0.45 per Unit, which, if fully subscribed, will yield gross proceeds of $4,500,000. Each Unit consists of one common share in the capital of GreenBank and one half of a common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share in the capital of Greenbank Capital at an exercise price of $0.50, for 36 months after closing.

The securities will be issued pursuant to appropriate exemptions under the United States Securities Act of 1933, as amended, and will be subject to a hold period in Canada of four months and a day. Closing of the Private Placement Offering is subject to obtaining all required approvals, including from the CSE and any other regulatory approval. The proceeds of the Private Placement Offering will be used for investment and working capital purposes. All or a portion of the Private Placement Offering could be subject to finder's fees or commissions.

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; 22.3% of Ubique Minerals Limited (CSE: UBQ) , 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 8.3% 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/614139/GreenBank-Capital-Announces-Non-Brokered-Private-Placement-Offering

FAQ

What is the purpose of GreenBank's private placement offering on November 3, 2020?

The offering aims to raise up to $4.5 million for investment and working capital purposes.

How many units is GreenBank offering in its private placement?

GreenBank is offering up to 10 million Units in its private placement.

What is the price per unit in GreenBank's private placement offering?

The price per Unit is set at $0.45.

What is the exercise price of the common share purchase warrants in GreenBank's offering?

The exercise price of the common share purchase warrants is $0.50.

What approvals are needed for GreenBank's private placement offering to close?

The offering requires approvals from the Canadian Securities Exchange and other regulatory bodies.