Private Placement
GreenBank Capital announces a non-brokered private placement offering of $300,000, issuing 15,000,000 units at $0.02 per unit. Each unit includes one common share and one warrant exercisable at C$0.075 for 2 years. Additionally, the company plans to settle approximately $450,000 in debt through a debt conversion at $0.05 per unit, including $350,000 owed to current and past directors and officers. The first tranche is expected to close by November 15, 2024. The debt conversion qualifies as a related party transaction under MI 61-101, with the company utilizing exemptions from valuation and minority shareholder approval requirements.
GreenBank Capital annuncia un'offerta di collocamento privato non intermediazione di $300.000, emettendo 15.000.000 unità a $0,02 per unità. Ogni unità include un'azione comune e un warrant esercitabile a C$0,075 per 2 anni. Inoltre, l'azienda prevede di saldare circa $450.000 in debito attraverso una conversione del debito a $0,05 per unità, inclusi $350.000 dovuti a dirigenti e funzionari attuali e passati. Si prevede che la prima tranche si chiuda entro il 15 novembre 2024. La conversione del debito si qualifica come una transazione con parti correlate ai sensi della MI 61-101, con l'azienda che utilizza esenzioni dai requisiti di valutazione e approvazione degli azionisti di minoranza.
GreenBank Capital anuncia una oferta de colocación privada no mediada de $300,000, emitiendo 15,000,000 unidades a $0.02 por unidad. Cada unidad incluye una acción común y una opción de compra ejercitable a C$0.075 durante 2 años. Además, la empresa planea saldar aproximadamente $450,000 en deuda a través de una conversión de deuda a $0.05 por unidad, incluyendo $350,000 adeudados a directores y funcionarios actuales y anteriores. Se espera que el primer tramo se cierre antes del 15 de noviembre de 2024. La conversión de deuda califica como una transacción con partes relacionadas bajo la MI 61-101, con la empresa utilizando exenciones de los requisitos de valoración y aprobación de accionistas minoritarios.
GreenBank Capital는 $300,000의 중개인 없는 사모 배치 제공을 발표하며, $0.02로 15,000,000 단위를 발행합니다. 각 단위는 하나의 보통주와 2년 동안 C$0.075로 행사 가능한 하나의 워런트를 포함합니다. 또한, 회사는 현재 및 이전 이사 및 임원에게 빚진 $350,000을 포함하여 약 $450,000의 부채를 $0.05의 단가로 부채 전환을 통해 정산할 예정입니다. 첫 번째 트랜치는 2024년 11월 15일까지 마감할 것으로 예상됩니다. 부채 전환은 MI 61-101에 따라 관련자 거래로 간주되며, 회사는 평가 및 소수 주주 승인 요건에 대한 면제를 활용하고 있습니다.
GreenBank Capital annonce une offre de placement privé sans intermédiaire d'un montant de 300 000 $, émettant 15 000 000 d'unités à 0,02 $ l'unité. Chaque unité comprend une action ordinaire et un bon de souscription exerçable à 0,075 $ CA pendant 2 ans. De plus, la société prévoit de régler environ 450 000 $ de dettes par le biais d'une conversion de dette à 0,05 $ l'unité, y compris 350 000 $ dus aux administrateurs et dirigeants actuels et passés. La première tranche devrait être clôturée d'ici le 15 novembre 2024. La conversion de dette est considérée comme une transaction entre parties apparentées selon la MI 61-101, l'entreprise bénéficiant d'exemptions concernant les exigences d'évaluation et d'approbation des actionnaires minoritaires.
GreenBank Capital gibt eine nicht vermittelte Privatplatzierungs-Offerte in Höhe von $300.000 bekannt, die 15.000.000 Einheiten zu je $0,02 emittiert. Jede Einheit enthält eine Stammaktie und ein Warrant, das für 2 Jahre zu C$0,075 ausgeübt werden kann. Außerdem plant das Unternehmen, etwa $450.000 an Schulden durch eine Schuldenkonversion zu einem Preis von $0,05 pro Einheit abzubauen, einschließlich $350.000, die an aktuelle und ehemalige Direktoren und leitende Angestellte geschuldet werden. Die erste Tranche soll bis zum 15. November 2024 abgeschlossen sein. Die Schuldenkonversion qualifiziert sich als Transaktion mit nahestehenden Personen gemäß MI 61-101, wobei das Unternehmen Ausnahmen von Bewertungs- und Genehmigungsanforderungen für Minderheitsaktionäre in Anspruch nimmt.
- Debt reduction of $450,000 through debt conversion
- Additional capital raise of $300,000 through private placement
- Significant dilution to shareholders through issuance of 15,000,000 new units
- Related party transaction with directors and officers for debt conversion
- Low unit pricing at $0.02 indicates potential company valuation concerns
REYKJAVIK, ICELAND / ACCESSWIRE / November 11, 2024 / GreenBank Capital (CSE:GBC)(OTCMKTS:GRNBF)(FRA:2TL) ("GreenBank" or the "Company") is pleased to update its shareholders on the current status of its financing initiatives.
The Company is initiating a non-brokered
The Company also proposes to complete the debt settlement originally announced 16th May 2024 (the "Debt Conversion") with certain of its creditors by issuing them units (each, a "Debt Conversion Unit") at a deemed price of
The Company expects to close the Offering and Debt Conversion in one or more tranches, with the first tranche expected to close on or before 15th November 2024.
The debt conversion with present and past directors and officers and companies owned or controlled by them will be a related party transaction within the meaning of Multilateral Instrument 61-101. The Company will be relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders will not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company will not be filing a material change report in respect of the related party transaction at least 21 days before the closing of the Offering and Debt Conversion, a decision which the Company deems reasonable in the circumstances as to be able to avail itself of the proceeds of the Offering in an expeditious manner.
For further information, please contact:
Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital
Tel : +354 8697296
Email : vilhjalmur@jvcapital.co.uk
About GreenBank
GreenBank is a business-transformation firm, which aims to nurture early stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.
The team are based in Reykjavík, London and Toronto and work diligently across borders to ensure that businesses in the GreenBank portfolio reach their core objectives. The businesses the Company typically works with are start-ups or early-stage and include mining and mineral exploration companies. From this emergent state, GreenBank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.
Whether a business desires to become a successful private company, list publicly, or is seeking a profitable exit, GreenBank tries to add value at every stage as a strategic partner. GreenBank is listed on the Canadian Securities Exchange, under the symbol "GBC", and on the OTC markets (OTCMKTS:GRNBF) as well as the Frankfurt Boerse (FRA:2TL).
Forward Looking Information
This news release contains statements that include "forward looking information" as defined in applicable Canadian securities laws, including, but not limited to, statements with respect to the proposed private placement and debt conversion, and GreenBank's investment strategy. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GreenBank to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: inability to find subscribers for the private placement and to convince creditors to convert their debt into Company securities, challenges in identifying and concluding investment transactions with attractive companies on favourable terms, or at all, , future prices and the supply of metals; the results of drilling; inability to raise the money necessary to conclude investment transactions with third-party companies or to incur the expenditures required to retain and advance the Suni project, environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks inherent in business, such as; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals; or failure to obtain regulatory approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to GreenBank's filings with Canadian securities regulators available on SEDAR+ at www.sedarplus.ca.
Although GreenBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and GreenBank disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except
SOURCE: GreenBank Capital Inc.
View the original press release on accesswire.com
FAQ
What is the price per unit for GreenBank Capital's (GRNBF) private placement offering in November 2024?
How much debt is GreenBank Capital (GRNBF) converting in its November 2024 debt settlement?
What is the exercise price and term of the warrants in GreenBank's (GRNBF) November 2024 offering?
