Private Placement

Reykjavik, Iceland May 16th, 2024, GreenBank Capital (CSE: GBC, OTCMKTS: GRNBF and FRA: 2TL) (“GreenBank” or the “Company”) is pleased to update its shareholders on changes to the previously announced private placement announced 16th November 2023.

Private Placing

The company is planning to offer a non-brokered $1.250,000 private placement offering (the “Offering”) of 25,000,000 units of the Company (each, a “Unit”) at a price of $0.05 per Unit, each Unit being comprised of one common share and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one Greenbank common share at an exercise price of C$0.075 for a term of 2 years from its date of issuance. The placing will be a combination of up-to 20,000,000 “Hard” dollar units and up-to 5,000,000“Flow through“units.

The Company also proposes to complete a debt settlement (the “Debt Conversion”) with certain of its creditors by issuing them Units having the same terms as those issued in the Offering. The Company anticipates eliminating approximately $450,000 in debt pursuant to the Debt Settlement, including debt owed to its current and past directors and officers. This is a part of the restructuring of the Company towards being debt free and an aggressive supporter of its investments.

The Company expects to close the Offering and Debt Conversion in one or more tranches, with the first tranche expected to close on or before 30th May 2024.

The debt conversions with present and past directors and officers and companies owned or controlled by them will be a related party transaction within the meaning of Multilateral Instrument 61-101. The Company will be relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders will not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company will not be filing a material change report in respect of the related party transaction at least 21 days before the closing of the Offering and Debt Conversion, a decision which the Company deems reasonable in the circumstances as to be able to avail itself of the proceeds of the Offering in an expeditious manner.


For further information, please contact:

Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital

Tel : +354 8697296

Email :