GreenBank Refutes Minfocus Allegations
Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that it refutes the allegations made by the current directors of Minfocus Exploration Corp (TSXV: MFX) (“Minfocus”), in a press release dated February 14, 2018.
Greenbank was advised that former Minfocus director Phil D’Mello resigned as a director on January 17, 2018 to take effect on January 25th, 2018. Minfocus failed to make the required press release announcing the resignation of Mr. D’Mello, which prevented disclosure to Minfocus shareholders that 60% of their directors had resigned during January 2018. GreenBank continues to hold the opinion that the Minfocus directors do not have the corporate authority to enter into the Letter of Intent on behalf of Minfocus to acquire a property from Kapuskasing Gold Corp. (TSX-V: KAP) (“Kapuskasing”) and GreenBank intends to challenge these purported corporate actions.
GreenBank also notes that, in a further press release made this morning, the Minfocus directors have announced a further share issuance to themselves in a purported debt settlement, as well as the issuance of a significant number of stock options to themselves. GreenBank is of the opinion that these actions serve the interests of the Minfocus directors rather than the interests of Minfocus shareholders.
GreenBank will make representations to the TSX Venture Exchange (“TSX-V”) requesting that the TSX-V refrain from considering any application for the issuance of shares or other securities, whether to Kapuskasing or shares for debt to the directors, until Minfocus shareholders have had an opportunity to elect new directors at a shareholders meeting. GreenBank is of the opinion that the proposed transaction with Kapuskasing and the issuance of shares to directors are designed to dilute the Minfocus major shareholders in an effort to perpetuate the employment of Kenneth de Graaf as CEO of Minfocus.
GreenBank rejects the description made by Kenneth de Graaf of the sequence of events relating to discussions with GreenBank. Further, GreenBank states that it has complied with, and will continue to comply with, all required regulatory disclosures.
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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