Toronto, Ontario, September 3, 2015 – GreenBank Capital Inc (CSE:GBC) (“GreenBank” or “the Company”) announces that its 80% owned subsidiary GreenCoinX Inc, the developer of the world’s first identifiable crypto currency and which has XGC as its digital currency identifier, plans a Treasury function in order to reduce volatility of XGC.
To be acceptable any crypto currency needs to have a stable price which moves within a relatively small band and time ratio. A currency band will represent the price floor and ceiling within which the price of a given currency can trade. The currency band restricts how much the price can move relative to a reference currency or a basket of currencies. GrenCoinX intends to seek the input of governments with respect to the preferred range of the XGC volatility band. The GreenCoinX Treasury function will act as a price stability mechanism as any price movement beyond the confines of the band within a specified time will lead to intervention. GreenCoinX management is exploring ways to raise the necessary capital to carry out such a Treasury function, and will issue a further press release in this respect in due course.
There is no guarantee that the necessary capital to carry out a Treasury function will be available, or if available will be on terms acceptable to GreenCoinX Inc and the Company, and in the absence of sufficient funding the Treasury function as described will not be proceeded with.
GreenBank is a corporate finance investment business investing in Canadian small cap companies. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed a unique identifiable crypto currency. GreenBank owns significant equity stakes in Leo Resources Inc (CSE:LEO), Hadley Mining Inc (CSE:HM) and Zara Resources Inc (CSE:ZRI).
For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release