GreenBank Denounces Actions of Minfocus Directors
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") denounces the actions of the directors of Minfocus Exploration Corp (TSXV: MFX) (“Minfocus”). In GreenBank’s opinion, the issuance of up to 5 million new shares of Minfocus as announced in Minfocus’ press release of March 5, 2018 is another transaction in which Minfocus would pay an inflated price for yet another mediocre mineral property, and this deal continues the pattern of actions taken over the last four weeks by Minfocus directors designed to dilute current Minfocus shareholders in an effort to perpetuate the employment of Kenneth de Graaf as CEO of Minfocus.
“By a series of actions taken since GreenBank announced its agreement to acquire 19.6% of Minfocus on February 7th 2018, the directors of Minfocus have issued themselves shares in a purported debt settlement, issued themselves significant amounts of stock options, and agreed to acquire two unconsequential properties at inflated prices payable by a substantial issuance of Minfocus shares. These share issuances, if approved, would total over 16 million shares which is equal to over 18% of the increased share capital of Minfocus. None of these transactions are in the interests of Minfocus shareholders, and we denounce these actions as self-serving” said Danny Wettreich, CEO of GreenBank.
GreenBank has received no response from Minfocus directors to its requisition of a shareholders meeting of Minfocus pursuant to Section 167 of the Business Corporations Act (BC). 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.
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 12 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 unique comprehensive all-in-one search mobile application that integrates social search, discovery and communication; 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 minerals 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; and 19.62% of Minfocus Exploration Corp (TSXV: 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.
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Source: GreenBank Capital Inc. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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