Greenbank Capital Announces Further Extension of Call Option to Acquire the Balance of Staminier Limited Until February 14, 2021

Rhea-AI Summary

GreenBank Capital Inc. has extended the expiry of its Call Option to acquire the remaining 81% of Staminier Limited until February 14, 2021. This extension follows shareholder approval obtained at the April 8th meeting, allowing GreenBank to proceed with the acquisition at its discretion, pending regulatory compliance. GreenBank initially acquired 19% of Staminier along with a $480,000 CAD funding line. The company has a diverse investment portfolio including 11 small cap businesses, aiming for rapid growth and public listings over 6-24 months.

Positive

• Extension of Call Option until February 14, 2021 provides additional time for acquisition.
• Shareholder approval obtained with 99.9% support facilitates future decision-making.
• Existing 19% stake in Staminier adds value and potential for increased future returns.

Negative

• Ongoing delays in exercising the Call Option may indicate regulatory or operational challenges.

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

TORONTO, ON / ACCESSWIRE / October 24, 2020 / GreenBank Capital Inc.(CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank or the Company") announces that it has reached an agreement to further extend the expiry period of its Call Option to acquire the remaining 81% of Staminier Limited ("Staminier") until February 14, 2021.

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.

Subsequently, and as previously announced, GreenBank and Staminier agreed on an extension of the call option until October 26,2020.

Today's announcement furthers the expiry period of the Call Option extension until February 14, 2021. GreenBank Management is pleased that this extension provides additional time for GreenBank to exercise the Call Option at its sole discretion and strictly on the basis that any and all necessary regulatory requirements are fulfilled or otherwise accounted for.

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 8% 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/612119/Greenbank-Capital-Announces-Further-Extension-of-Call-Option-to-Acquire-the-Balance-of-Staminier-Limited-Until-February-14-2021

FAQ

What is the purpose of GreenBank's Call Option extension for Staminier Limited?

The extension allows GreenBank additional time to potentially acquire the remaining 81% of Staminier Limited, ensuring compliance with regulatory requirements.

What percentage of Staminier has GreenBank already acquired?

GreenBank has currently acquired 19% of Staminier Limited.

When does the new expiry date for the Call Option fall?

The new expiry date for the Call Option is February 14, 2021.

What was the result of the shareholder vote regarding the acquisition?

99.9% of eligible shareholders voted in favor of granting GreenBank the discretion to exercise the Call Option.

What financial commitment is associated with the initial acquisition of Staminier?

GreenBank provided a funding line loan of $480,000 CAD as part of the initial acquisition terms.