GreenBank Requisitions Minfocus Shareholder Meeting to Replace Directors
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that it has requisitioned a shareholder meeting of Minfocus Exploration Corp (TSXV: MFX) (“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.
In the opinion of GreenBank, the current directors of Minfocus have taken actions that serve only the interests of the Minfocus directors and do not serve the interests of Minfocus shareholders. Such actions include but are not limited to announcing a share issuance to themselves in a purported debt settlement, the issuance of a significant number of stock options to themselves, and not complying with basic corporate governance requirements in an effort to retain their position as directors.
At the shareholders meeting, Minfocus shareholders will be asked to remove all the current directors, and to elect Paul Cullingham as Chairman and CEO, and Paul Ankcorn and Garth Douglas as independent directors.
Paul Cullingham has been in the investment banking industry since 1986 specializing in the resource and financial sectors, where he has worked for both large and medium-size Canadian companies, as well as a large Wall Street firm. He is a director and Vice President of GreenBank, and a director and Vice Chairman of mineral exploration companies Ubique Minerals Limited and Buchans Wileys Exploration Inc. He is also CEO of Inside Bay Street Corporation, a financial communications company. Previously, he was the President and CEO of Celtic Minerals Inc., a publicly listed minerals exploration company.
Paul Ankcorn has been a director, CEO or CFO of a number of public and private mineral exploration companies including Cartier Iron Corporation, Tartisan Resources Corp, Shield Gold Inc, Remington Resources, ACME Resources Corp, NWT Copper Mines Ltd, Champion Iron Mines Ltd, Great Lakes Graphite Inc, NFX Gold Inc, Northfield Metals Inc, Harte Gold Corp, Cuervo Resources Inc, Eloro Resources Inc, Trelawney Resources Inc, Eastmain Resources Inc, and Fancamp Exploration Ltd. He received a Bachelor in Business Administration from Wilfrid Laurier University, and he is a Certified Management Accountant.
Garth Douglas is President of gsd Media Inc, a media consulting and investor relations company. He is also President of X-Rays Productions a film and television production company. Previously he was Partner in CFBN a Canadian business news radio station, and an independent producer for CBC, TVOntario, and CTV.
The date of the shareholder meeting will be communicated to Minfocus shareholders in due course.
In an off-market transaction, GreenBank closed its previously announced acquisition of 14,311,131 shares of Minfocus at 2 cents per share on February 28, 2018, payable by the issuance of 220,171 common shares of GreenBank at a price of $1.30 per share to Gerald Harper, a former director of Minfocus. The GreenBank shares are subject to a four month and one day hold period pursuant to applicable securities laws.
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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