Greenbank Share Second Quarterly Shareholder Update - Seite 2

2. Development of Actionable Recommendations: Based on their comprehensive analysis, JVC will provide recommendations to the board of Greenbank for potential courses of action pertaining to the Company's investments. These could potentially involve the restructuring of debt and equity interests, as well as other strategic considerations.

3. Implementation: JVC will assist with the implementation of those of the team's recommendations that are adopted by the Board and provide quarterly analysis of progress to the GreenBank Board.

4. Strategic Direction Post-implementation: JVC will offer further insights into the optimal strategic direction for GreenBank following implementation of the short-term recommendations. This will be done with the aim of ensuring sustained growth and success following the realignment of the Company's investment portfolio.

The objective of this review conducted by JV Capital is for GreenBank to become more focused and efficient whilst striving towards its goal of nurturing and supporting income-generating businesses of the future.

Private Placement

The Company were pleased to announce the closing of the first tranche of the Private Placement on 20 April 2023, successfully raising C$448,111.88, all of which represent the conversion of outstanding debts owed by the Company, including all Directors and Officers.

The Private Placement remains open and there are negotiations on-going with interested parties but nothing further to announce at this stage.

External Updates

CodiKoat

Shareholding: 73,344 ordinary shares (3.53%)

As we announed on 18 April 2023 CodiKoat, developers of the fastest ISO certified antimicrobial and antiviral coating technology in the world, have also recently announced the appointment of a new CEO, Blake Gudgel, the expansion of its labs near Cambridge, the recruitment of additional staff and some exciting new commercial developments.

We were also pleased to able to report in April that CodiKoat had successfully carried out an equity fundraising. We can now report that, based on the valution for CodiKoat that the investment round implies, GreenBank's investment into the portfolio company of C$928,792 (which was completed in May 2021) is now worth C$1,919,875. Although as of yet unrealised, if this valuation were to be sustained on a sale of GreenBank's stake in the company it would represent more than a 2x return on the Company's initial investment.