Strategy Update, Acquisition and AGM Results

REYKJAVIK, ICELAND / ACCESSWIRE / October 17, 2023 / GreenBank Capital (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank" or the "Company") is pleased to announce that it has received its strategy report from JV Capital and has signed an agreement to acquire the Suni Iron Ore Project in Ontario Canada.

New strategy update.

On the 5^th October 2023 the board of directors received from JV Capital the first iteration of the strategy report it engaged them to provide, and the decision has been taken to adopt the main suggestion set out in the report. That is that Greenbank should in the future seek to mainly invest in companies in which it can take an active role and control management. This "hands-on" or "active management" approach will entail acquiring a majority stake in the investee companies, allowing Greenbank to have significant control over their operations and decision-making processes. By acquiring direct control over the companies, it invests in, Greenbank expects to use its influence to better align their direction and management with its own investment objectives and overall business strategy. It will also allow GreenBank to leverage its expertise and resources to help implement operational improvements, streamline processes, and enhance efficiency in its investee companies, and thereby better manage risk exposure, and drive value creation.

The Company intends to adopt this strategy alongside investing in situations that are liquid (such as publicly traded companies) or have a near term clear exit strategy (such as pre-IPO situations).

Suni iron ore acquisition.

The Company is pleased to announce that on 9^th October 2023 it has signed an agreement to acquire 100% of the issued shares ("the Purchased Shares") in 1500597402 Ontario Inc., which holds the Suni Iron Ore project in Ontario Canada. This acquisition is in line with the new company strategy which is to take projects and nurture them towards exit.

Purchase Price

The aggregate purchase price (the "Purchase Price") for the Purchased Shares is ONE HUNDRED FIFTY THOUSAND Canadian Dollars (Cdn$150,000,) payable to the sellers, as follows.

by the issuance of a total of 3 million Common Shares in the capital of the Purchaser to the two sellers, Ankcorn and Isles each being issued ONE MILLION FIVE HUNDRED THOUSAND (1.5) million shares as follows:

(a) 1,500,000 Common Shares on closing; and

(b) 1,500,000 Common Shares on the earlier of the date on which the Purchaser obtains an updated NI 43-101 Technical Report and 9^th October 2024