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GreenBank Capital has successfully closed the first phase of its non-brokered Private Placement Offering, raising C$448,111.88. This amount represents the conversion of outstanding debts owed by the Company, including payments to Directors and Officers. CEO Terry Pullen noted that the participation of insiders reflects confidence in the company's prospects, with plans for further fundraising in the coming weeks.
The funds will be used for investment and working capital purposes, subject to necessary regulatory approvals. The offering may include finders' fees up to 8% and the securities will be freely tradable under Canadian securities legislation. Notably, the company's insider participation categorizes this as a related party transaction, exempting it from formal valuation and minority shareholder approval.
GreenBank Capital has provided an update regarding its investment valuation in CodiKoat. Following recent fundraising efforts by CodiKoat, the value of GreenBank's holding has increased significantly. The investment, originally made in May 2021 for C$928,792, is now valued at approximately C$1.9 million. If realized, this would represent over a 2x return on its initial investment.
CodiKoat is known for developing a fast ISO certified antimicrobial and antiviral coating technology. Recent advancements include the appointment of a new CEO, Blake Gudgel, and the expansion of its facilities and staff, positioning the company for further commercial success.
GreenBank Capital has announced a non-brokered private placement offering of up to 1 million units at a price of $1.20 per unit, potentially raising $1.2 million. Each unit includes ten common shares, five purchase warrants, and one option for a common share in Ubique Minerals Ltd. Proceeds will be allocated to working capital and investments in two key portfolio companies: Flex Capital, which is developing the Kiind charity platform, and Ubique Minerals, which is securing funding for a lead-zinc mine acquisition in Namibia. The offering aims to strengthen these companies and consolidate GreenBank's focus on income-producing assets.