Greenbank Launches Bitcoin Subsidiaries
Intends up to $5,000,000 Private Placement to Accredited Investors
Toronto, Ontario--(Newsfile Corp. - December 16, 2013) - GreenBank Capital Inc. (CNSX: GBC) ("GreenBank" or "the Company") announces that it has launched two new subsidiaries to invest in Bitcoin and Bitcoin startups. GreenBank believes that it is the first public company to establish a presence in Bitcoin, which is a completely decentralized digital cryptocurrency.
The two subsidiaries are Bitcoin Canada Investments Inc ("Bitcoin Canada") which will invest exclusively in Bitcoin, and Bitcoin Angel Capital Inc ("Bitcoin Angel") which will invest in early stage Bitcoin and other cryptocurrency focused companies. The management of GreenBank intends that a proportion of both Bitcoin Canada and Bitcoin Angel will in due course be spun off to GreenBank shareholders by way of a plan of arrangement, at which time they will make application for a public listing of their common shares on the CNSX. GreenBank has entered into management agreements with both companies to manage the Bitcoin investment portfolio for a fee equal to 10% of portfolio appreciation.
GreenBank intends to make a private placement to accredited investors of up to $5,000,000 Debentures with conversion rights into 90% of the common shares of Bitcoin Canada and Bitcoin Angel. GreenBank believes this will represent a convenient way for investors to gain exposure to Bitcoin and to a diversified portfolio of early stage Bitcoin and other cryptocurrency companies.
"Bitcoin is a digital cryptocurrency that is not issued by any government, bank or central organization. During 2013 the market price of Bitcoin has increased dramatically, and increasing acceptance and popularity will make it a viable alternative to fiat currencies. I believe that Bitcoin is in the early stages of becoming a revolutionary payment medium, and GreenBank intends to be actively involved as a Bitcoin incubator and investor" said Danny Wettreich, CEO of GreenBank, Bitcoin Canada and Bitcoin Angel.
GreenBank is a corporate finance investment business focusing on investing in Canadian small cap companies. GreenBank has launched two subsidiaries to invest in Bitcoin and Bitcoin startups, and believes it is the first public company to establish a presence in Bitcoin. GreenBank also facilitates listing private companies on the CNSX, arranges mergers and acquisitions, and invests equity in the transactions as appropriate.
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 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 the company 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 the company 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.
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