GreenBank Capital Announces Private Placement and Debt Conversion Plans

GreenBank Capital Inc., a publicly listed company across multiple exchanges including CSE, OTC PINK, and FRA, announced an upcoming private placement aiming to raise $1,250,000 through the issuance of 25 million units at $0.05 per unit. Each unit consists of one common share and a warrant, which allows the purchase of an additional share at $0.075 within two years. The placement includes up to 20 million 'Hard' dollar units and 5 million 'Flow through' units.

In conjunction with the private placement, GreenBank plans a debt conversion to settle around $450,000 of its debts by issuing similar units to various creditors, including past and current directors and officers. This move is part of the company's strategy to become debt-free and enhance its financial structure. The debt conversion and private placement are expected to occur in multiple tranches, with the first closing by May 30, 2024.

The transactions involving company insiders are classified as related party transactions under Multilateral Instrument 61-101. GreenBank will use exemptions from certain requirements of this instrument, as insider participation will not surpass 25% of market capitalization. No material change report will be filed at least 21 days before these transactions, an approach GreenBank considers practical for timely access to the raised funds.