GreenBank Comments on Minfocus Release
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that has reviewed the recent press release issued by the directors of Minfocus Exploration Corp. (TSXV: MFX) (“Minfocus”), whereby Minfocus confirms that it has received the Notice of Requisition of Shareholders Meeting (“Notice”) made by GreenBank. GreenBank notes that Minfocus has 21 days from receipt of the Notice to announce the date of the shareholders meeting.
GreenBank expresses its opposition to the Minfocus announcement that the Minfocus directors have agreed to issue up to 5,250,000 Minfocus shares for an option on a property, and a further 550,000 Minfocus shares to acquire another property, as well as further unspecified amounts of Minfocus shares in settlement of unspecified amounts of debts. In the opinion of GreenBank, the current directors of Minfocus have taken such actions in an effort to dilute GreenBank’s 19.62% ownership of Minfocus prior to a shareholders meeting being held.
GreenBank believes that no corporate actions should be taken by the current Minfocus directors until shareholders have had an opportunity to elect new directors at a shareholders meeting. At the meeting shareholders will be asked to remove the current directors of Minfocus and elect three new directors.
GreenBank has made representations to the TSX Venture Exchange to prevent the issuance of new Minfocus shares until Minfocus shareholders have had an opportunity to elect new directors at a shareholders meeting.
Separately, Paul Cullingham has retired as a director of the Company to pursue other interests. The Board expresses its appreciation of his contribution as a director and wishes him well in his future endeavors.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL) and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 13 small cap businesses, namely; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 15% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain; 15% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company; and 19.9% of Gander Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada.
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. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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