Mr. Vilhjalmur Vilhjalmsson reports

PRIVATE PLACEMENT

GreenBank Capital Inc. has provided an update its shareholders on the current status of its financing initiatives.

The company is initiating a non-brokered $300,000 private placement offering of 15 million units of the company at a price of two cents per unit, with each unit comprising one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one Greenbank common share at an exercise price of 7.5 cents for a term of two years. The offering is the continuation of the company's private placement financing originally announced on Nov. 16, 2023.

The company also proposes to complete the debt settlement originally announced May 16, 2024, with certain of its creditors by issuing them units at a deemed price of five cents per debt conversion unit, each debt conversion unit comprising one common share and one warrant (with the warrant having the same terms as the warrants under the offering). The company anticipates eliminating up to approximately $450,000 in debt pursuant to the debt conversion, including $350,000 in debt owed to its current and past directors and officers.

The company expects to close the offering and debt conversion in one or more tranches, with the first tranche expected to close on or before Nov. 15, 2024.

The debt conversion with present and past directors and officers and companies owned or controlled by them will be a related party transaction within the meaning of Multilateral Instrument 61-101. The company will be relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the participation in the offering by insiders will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company will not be filing a material change report in respect of the related party transaction at least 21 days before the closing of the offering and debt conversion, a decision which the company deems reasonable in the circumstances as to be able to avail itself of the proceeds of the offering in an expeditious manner.

About GreenBank Capital Inc.

GreenBank is a business transformation firm that aims to nurture early-stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.

The team is based in Reykjavik, London and Toronto and works diligently across borders to ensure that businesses in the GreenBank portfolio reach their core objectives. The businesses the company typically works with are start-ups or early stage and include mining and mineral exploration companies. From this emergent state, GreenBank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.

Whether a business desires to become a successful private company, list publicly or is seeking a profitable exit, GreenBank tries to add value at every stage as a strategic partner. GreenBank is listed on the Canadian Securities Exchange, under the symbol GBC, and on the OTC markets (OTCMKTS: GRNBF) as well as the Frankfurt Boerse (FRA:2TL).

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