Toronto, ON, Canada (November 20th, 2023) GreenBank Capital (“GreenBank” or the “Company”) announces that it expects it will be unable to file its annual financial statements, management discussion and analysis and related certifying officer certificates for the year ended July 31, 2023 (the “Required Filings”) on or before the November 28, 2023 filing deadline (the “Filing Deadline”).
In connection with the anticipated delay, the Company applied to the Ontario Securities Commission requesting that a management cease trade order (“MCTO”) be imposed to restrict trading in the Company’s securities by the CEO, interim CFO, and directors of the Company, as opposed to a general cease-trade order, which would restrict all trading in the Company’s securities. The Ontario Securities Commission denied the request as the company didn’t meet the application criteria in relation to the activity in the company’s volume of shares in the market.
The Company will be unable to complete the Required Filings by the Filing Deadline due to the recent appointment of its new CEO as well as the resignation of the Company’s CFO, which was announced on November 15th, 2023. The Company has appointed an interim CFO as of November 15th, 2023, and the Company anticipates, that it will be in a position to remedy the default and file the Required Filings, on or before December 29, 2023.
The company expects the Ontario Securities Commission will be issuing a failure-to-file cease trade order (FFCTO) after the due date against the Issuer for failure to file the following continuous disclosure documents by November 28, 2023.
The Company has not taken any steps towards any insolvency proceeding and the Company has no other material information to release to the public.
For further information, please contact:
Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital
Tel: +354 8697296
Email: firstname.lastname@example.org King Street West, Suite 5700
Toronto, ON, M5X 1C7