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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") denounces the actions of the directors of Minfocus Exploration Corp (TSXV: MFX) (“Minfocus”). In GreenBank’s opinion, the issuance of up to 5 million new shares of Minfocus as announced in Minfocus’ press release of March 5, 2018 is another transaction in which Minfocus would pay an inflated price for yet another mediocre mineral property, and this deal continues the pattern of actions taken over the last four weeks by Minfocus directors designed to dilute current Minfocus shareholders in an effort to perpetuate the employment of Kenneth de Graaf as CEO of Minfocus.
“By a series of actions taken since GreenBank announced its agreement to acquire 19.6% of Minfocus on February 7th 2018, the directors of Minfocus have issued themselves shares in a purported debt settlement, issued themselves significant amounts of stock options, and agreed to acquire two unconsequential properties at inflated prices payable by a substantial issuance of Minfocus shares. These share issuances, if approved, would total over 16 million shares which is equal to over 18% of the increased share capital of Minfocus. None of these transactions are in the interests of Minfocus shareholders, and we denounce these actions as self-serving” said Danny Wettreich, CEO of GreenBank.
GreenBank has received no response from Minfocus directors to its requisition of a shareholders meeting of Minfocus pursuant to Section 167 of the Business Corporations Act (BC). At the meeting shareholders will be asked to remove the current directors of Minfocus and elect three new directors.
GreenBank has made representations to the TSX Venture Exchange to prevent the issuance of new Minfocus shares until Minfocus shareholders have had an opportunity to elect new directors at a shareholders meeting.