GreenBank Intends to Prevent Minfocus Corporate Actions
Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that, upon review of the press release made today by the current directors of Minfocus Exploration Corp (TSXV: MFX) (“Minfocus”), GreenBank is of the opinion that the purported appointment of a third director of Minfocus by the existing two directors is a breach of the British Columbia Corporations Act and the Articles of Minfocus, and therefore the Minfocus directors did not have corporate authority to appoint a third director for Minfocus. Further, Greenbank is of the view that the Minfocus directors did not have the corporate authority to enter into the Letter of Intent to acquire a property from Kapuskasing Gold Corp (TSX-V: KAP) on behalf of Minfocus. GreenBank intends to take action to challenge these invalid corporate actions.
GreenBank also intends to hold Kenneth de Graaf and Graham Wilson (the two Minfocus directors) personally liable for any damages that may arise out of these actions and reserves its rights with respect to legal action.
GreenBank will proceed with its previously announced intention to requisition a Minfocus shareholders meeting seeking to remove Kenneth de Graaf and Graham Wilson as directors, and elect a new and competent board of directors who will carry out their responsibilities in a professional manner for the benefit of all shareholders.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL),and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 11 small cap businesses, namely; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a unique comprehensive all-in-one search mobile application that integrates social search, discovery and communication; 15% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain; 15% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; and 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi. GreenBank has agreed to acquire 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company.
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., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. 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 GreenBank 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 GreenBank 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
To view the associated document to this release, please click on the following link:
Source: GreenBank Capital Inc. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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