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TORONTO, ON / ACCESSWIRE / April 14, 2020 / GreenBank Capital Inc (CSE:GBC)(OTCMKTS:GRNBF) ("GreenBank or the Company") announces that at the GreenBank annual and special meeting of shareholders held on April 8, 2020 the GreenBank Special Resolution regarding the call option for acquiring the remaining 81% of Staminier Limited was approved with a 99.99% vote. All other management resolutions were also approved.
GreenBank acquired the six month option on March 11, 2020 as part of the previously announced investment of 19% of Staminier Limited. The option grants GreenBank the right to acquire remaining 81% equity interest in Staminier Ltd by the issue to Staminier shareholders of 87,789,202 five year non-interest bearing non-voting convertible loan notes which grant the holder the right, on demand, to convert each loan note into one new common share provided that, until such time as a prospectus and other regulatory requirements have been fulfilled by GreenBank, the loan note conversion does not result in loan note holders owning more than 45% of the voting shares of GreenBank.
GreenBank's ability to exercise the option is conditional upon:
1) Obtaining formal GreenBank shareholder approval at a Special Meeting of shareholders (now obtained) and;
2) Filing a prospectus with regulators and/or meeting other regulatory requirements per applicable Securities Commission guidelines and the terms of the Jan. 31, 2020 revocation of the FFCTO by the Ontario Securities Commission.
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's portfolio companies comprise equity investments in 11 small cap businesses, namely; 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; 22.6% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 47.7% of GBC Grand Exploration Inc, a gold exploration company in Newfoundland, Canada;; 59.5% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi;; 19% of Inside Bay Street Corporation, a financial news communications company; 34.8% of Gander Exploration Inc, a minerals exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 25% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 19% of Staminier Limited, a United Kingdom Merchant Banking firm, 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments;; and 11.2% of Minfocus Exploration Corp (MFX), a mineral exploration company.
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.