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GreenBank to raise $100,000 through private placement with company director

Published: 13:14 03 Oct 2014 EDT

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GreenBank Capital (CSE:GBC) is planning to raise $100,000 through a non-brokered private placement with the company's director Daniel Wettreich.

The company has agreed to sell 2.0 million units at a price of 5 cents apiece, with each unit made up of one common share and one share purchase warrant. 

Every warrant entitles the holder to buy one additional common share at a price of 5 cents, for a period of three years after closing.

GreenBank said the new funds will be used for working capital needs.

The deal will see Wettreich hold a total of 4.29 million shares, representing some 38.5 percent of the company, and 2.0 million share warrants. 

Following the private placement, GreenBank will have 11.14 million common shares issued and outstanding.

Separately, GreenBank also announced today that it has filed to sell up to 500,000 shares of Leo Resources. The shares may be sold privately or on the Frankfurt Exchange, it said in a separate statement.

GreenBank is a corporate finance investment business investing in small cap companies, cryptocurrency startups, and the medical marijuana space.

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