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TORONTO, ON / ACCESSWIRE / January 8, 2021 / GreenBank Capital Inc. (CSE:GBC) (the "Company") is providing this biweekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
Further to its press releases dated November 13, 2020, December 1, 2020, December 16 and December 28, 2020 the Company has not yet filed its audited annual financial statements for the year ended July 31, 2020, the related management's discussion and analysis and CEO and CFO certifications (the "Annual Filings"), which were required to be filed on November 30, 2020. The Ontario Securities Commission (the "OSC"), GreenBank's principal regulator, has accepted the Company's request for, and the OSC has granted, a management cease trade order (the "MCTO") against the Company's chief executive officer and acting chief financial officer on December 1, 2020 in respect of the Annual Filings. Furthermore, the Company has not yet filed its unaudited interim financial statements for the three months ended October 31, 2020 and the related management's discussion and analysis and officer certifications (the "Q1 Filings") by the deadline set forth in National Instrument 51-102 - Continuous Disclosure Obligations. It is expected that GreenBank will file the Annual Filings as well as its 2021 Q1 interim filings by February 1, 2021.
Pursuant to the requirements of section 10 of National Policy 12-203 (the "Alternative Information Guidelines"), the Company reports the following:
there have been no material changes to the information contained in the press release announcing the application for the MCTO on November 13, 2020 that have not been disclosed by the Company through press releases filed on SEDAR;
there has not been any failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the Alternative Information Guidelines;
there has not been, nor is there anticipated to be, any specified default subsequent to the failure of the Company to file the Annual Filings; and
there is no other material information about the affairs of the Company that has not been generally disclosed.
The Company confirms that it intends to satisfy the provisions of the Alternative Information Guidelines for so long as it remains in default of the filing requirements set out herein.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL). GreenBank's 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank has a multi-sector, multi-stage investment thesis with a global remit. GreenBank's investment approach is to identify companies with the capacity for rapid growth with a strong management team, that can be scaled and prepared for a public listing over a period of 6-24 months. GreenBank's portfolio companies comprise equity investments in 11 small cap businesses, namely; 19% of Staminier Limited, a United Kingdom Merchant Banking firm; 59.5% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 52.5% of Blockchain Evolution Inc, owners of the world's first identification based blockchain, 21.4% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 47.5% of GBC Grand Exploration Inc, a gold exploration company in Newfoundland, Canada; 19% of Inside Bay Street Corporation, a financial news communications company; 34.8% of Gander Exploration Inc, a minerals exploration company; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 25.2% of Buchans Wileys Exploration Inc, a minerals exploration company; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; and 8.3% 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.
SOURCE: GreenBank Capital Inc.
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