Chairman’s Year-End Update - Seite 3

As per the press release August 3, 2022, GreenBank took an assignment of C$8.53m of the amounts owing under the CLA in exchange for the issue of 20.7m Greenbank common shares to Presthurst Limited, the vendor of the loan. As disclosed in the August 3, 2022 news release, the acquisition of the loan was a related party transaction for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, but one that was exempt from valuation and minority shareholder approval requirements. The loan acquisition was a very strategic move and puts GreenBank in a much stronger position to protect the value of its investment in Staminier, as it gave Greenbank rights under the CLA with regards to the conversion of the CLA (and in certain circumstances Greenbank may force a conversion). Regardless of whether the CLA loans are converted or repaid, or in extremis, if Staminier were to be wound-up, GreenBank will have security ranking behind only the Future Fund. Consequently, the CLA puts Greenbank in a much stronger position to recover its current investment in Staminier and to realize upon any gains in Staminier than was the case when Greenbank was simply a shareholder of Staminier.

NARC, a Staminier investee, is now in the process of raising funds at a price of €260 (or C$379) per share, which is just under 4x times the price per share at which Staminier initially invested. At that price Staminier's 11,488 shares in NARC would have a valuation of C$4.35m. NARC Management has also reported to Staminier and GreenBank management that they are continuing to make pleasing progress in the development of NARC's mass multiplayer on-line role-playing game, Beyond Ever After.

GreenBank has agreed with the NARC management team that it will have the opportunity to take part in the ongoing NARC placement, which GreenBank will consider.

For further information, please contact:

Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital
Tel: [phone]
Email: [e-mail]

About GreenBank

GreenBank is a business-transformation firm, which aims to nurture early stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.