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GreenBank Completes Private Placement
October 14, 2014 9:37 AM EDT | Source: GreenBank Capital Inc.
Toronto, Ontario--(Newsfile Corp. - October 14, 2014) - GreenBank Capital Inc (CSE: GBC) ("GreenBank" or "the Company") announces that the Company has closed its previously announced non-brokered private placement (the "Private Placement") with Daniel Wettreich, a director of the Company, of 2,000,000 units (each a "Unit") of GreenBank at a price of $0.05 per Unit, for gross proceeds of $100,000. Each Unit consists of one common share in the capital of GreenBank and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share in the capital of GreenBank at an exercise price of $0.05, for 36 months after closing. The securities are subject to a hold period of four months and a day. The proceeds of the Private Placement will be used for working capital purposes. Daniel Wettreich now directly and indirectly beneficially owns 4,287,198 common shares of GreenBank, representing 38.47% of GreenBank and 2,000,000 common share purchase warrants representing 95% of the outstanding warrants of GreenBank. The total number of common shares issued and outstanding is 11,142,460.
A material change report in respect of the related party transaction was filed on October 3, 2014 and has not been filed at least 21 days in advance of the closing of the Private Placement due to the Company's immediate need to address its financial situation, which omission is both reasonable and fair in the circumstances. MI 61-101 requires if a material change report is filed less than 21 days before the expected date of the closing of the transaction, an explanation is to be provided as to why the shorter period is reasonable or necessary in the circumstances.
About GreenBank
GreenBank is a corporate finance investment business investing in small cap companies and private equity investments, and its subsidiary GreenBank Financial has applied for an exempt market dealer licence. For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
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.
The CSE has not reviewed, approved or disapproved the content of this press release.
This news release is not for distribution or dissemination in the United States of America.