Greenbank Capital Successfully Raises C$448,111.88 In First Phase Of Private Placement

GreenBank Capital announces that they have successfully raised enough funds to close the first phase of their Private Placement.

TORONTO, ON / ACCESSWIRE / April 19, 2023 / GreenBank Capital Inc. (CSE:GBC)(OTCMKTS:GRNBF)(FRA:2TL) ("GreenBank or the Company") is pleased to announce that it has successfully closed a first tranche of the non-brokered Private Placement Offering announced on 23 March 2023. The GreenBank Board have approved the closure of phase one of the Private Placement Offering, the total gross proceeds of which are C$448,111.88, and all of which represent the conversion of outstanding debts owed by the Company, including all Directors and Officers.

GreenBank CEO, Terry Pullen, said "the fact that all directors and others closely associated with the company have committed so much to this fund raising is indicative of the faith they have in the company's prospects and we look forward to raising further sums from interested investors over the coming weeks."

Note for residents in Canada and the USA

The closing of the Private Placement Offering is subject to obtaining all required approvals, including from the CSE and any other regulatory approval. The proceeds of the Private Placement Offering will be used for investment and working capital purposes. All or a portion of the Private Placement Offering may be subject to finders' fees or commissions of up to 8% cash and 8% broker warrants of the subscribed amount, where applicable, and are being paid in accordance with the policies of the CSE, with each broker warrant granting the holder the right to purchase 1 Unit at the exercise price of C$0.20 for the period of 22 months from the closing date.

The Unit Shares and Warrants issued to purchasers subscribing under the Listed Issuer Financing Exemption are not subject to resale restrictions and are, as such, are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers residing in Canada.

The Unit Shares and Warrants issued to purchasers subscribing under prospectus exemptions other than the "listed issuer financing exemption" shall be subject to applicable resale restrictions under National Instrument 45-102 - Resale of Securities.

By virtue of the participation by insiders, the Private Placement Offering will constitute a "related party transaction" under applicable securities laws. The Company expects to release a material change report including details with respect to the related party transaction less than 21 days prior to the final closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Private Placement Offering in an expeditious manner. As the related party transaction will not exceed specified limits and will constitute a distribution of securities for cash, it is expected that neither a formal valuation nor minority shareholder approval will be required in connection with the Private Placement Offering.