Mr. Andreas Schleich reports

GREENBANK VENTURES INC. ANNOUNCES TERMINATION OF PENDING TRANSACTION

Greenbank Ventures Inc. has determined not to proceed with the acquisition of Greenbank Holdings U.S. Inc. at this time, as previously announced.

On June 2, 2021, the company entered into a share exchange agreement with Greenbank Holdings, pursuant to which the company would acquire all shares of Greenbank Holdings in consideration for 17 million common shares of the company. On April 7, 2024, the company and Greenbank Holdings signed an agreement, whereby both parties agreed to terminate the share exchange agreement, and exchange and convert a $250,000 (U.S.) promissory note and accrued interest due to the company into two million common shares of Greenbank Holdings. The company is now exploring strategic alternatives, which may include, without limitation, a private placement or other offering of equity or debt; the sale, lease or financing of certain assets of the company; or a sale of, merger or other business combination; joint ventures; or strategic alliances with the company.

The company has not established a definitive timeline to complete its review and no decision on any particular alternative has been reached at this time. There can be no assurance that this process will result in the successful conclusion of any specific transaction. In accordance with its current and periodic reporting requirements, the company will disclose further developments with respect to this process pursuant to such obligations.

About Greenbank Ventures Inc.

Greenbank Ventures is a British Columbia based company that is primarily engaged in real estate development. The company is listed on the NEX board under the trading symbol GNBK.H. A wholly owned subsidiary, Salt Resorts Inc., was formed to acquire real estate property for development purposes.

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