Toronto, Ontario--(Newsfile Corp. - July 25, 2013) - GreenBank Capital Inc. (CNSX:
GBC) ("GreenBank" or "the Company") announces that as a result of a review by
the Ontario Securities Commission ("OSC") of its recently filed Interim
Financial Statements and Management Discussion and Analysis ("MD&A"), the
OSC has advised GreenBank that these filings are deficient. The OSC states that
the Financial Statements incorrectly applied IFRS 3 to account for the transfer
of investments under common control, did not describe compliance with IAS 34 in
the notes to the Interim Financial Statements, required an expanded going
concern disclosure in accordance with IAS 1, required more disclosure under IFRS
2 paragraph 44-52, and needs to correct and clarify other disclosures. The
MD&A was not fully completed, needed to provide full disclosure of
investments that were consolidated by GreenBank, needed to be more consistent
throughout the MD&A, did not provide adequate discussion in accordance with
Items1.5 and 1.6 of Form 51-102F1, did not adequately disclose proposed
transactions, did not have a cautionary statement that was specific to the
disclosures in the MD&A, and needs to correct and clarify other
disclosures.
Management will address these deficiencies promptly, and
correct the errors identified.
About GreenBank
GreenBank is a corporate finance investment business focusing
on investing in Canadian small cap publicly listed companies. Based on the model
of a London merchant bank, GreenBank takes equity positions in its clients,
often participating in client company decisions via board of directors'
positions. GreenBank facilitates listing private companies on the CNSX, arranges
mergers and acquisitions, and invests equity in the transactions as appropriate.
For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich
at (647) 931 9768 or dw@GreenBankCapitalinc.com
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 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 the company 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 the company 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.
The CNSX has not reviewed, approved or disapproved the content
of this press release
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