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GreenBank's Affiliate Ubique Minerals Commences Drilling Program

Toronto, Ontario, August 21, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that, following the receipt of all permits, its 28% owned affiliate Ubique Minerals Limited (“Ubique”) has commenced a drilling program on its Daniel’s Harbour zinc property in Newfoundland. A minimum of 6 holes have been scheduled to be drilled, with the possibility of expansion of the program to include additional holes. The primary objectives of the drilling ...

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GreenBank to Acquire 15% of Veterans Financial Group

Toronto, Ontario, August 14, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that GreenBank has agreed to acquire 15% of Veterans Financial Group LLC (“Veterans”), a Portsmouth, Ohio, USA based insurance agency providing insurance services to veterans, families and businesses. GreenBank will pay $57,000 for a 15% interest in Veterans, payable $25,000 in cash and $32,000 by the issuance of 32,000 $1 Non-Voting 5% Preference Shares Series C. ...

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GreenBank Updates Its Merchant Banking Focus and Seeks To Make Further Small-Cap Investments

Toronto, Ontario, August 1, 2017 – GreenBank Capital Inc (CSE:GBC and OTCMKTS:GRNBF ("GreenBank or the Company") announces that it has completed an internal review of its merchant banking activities and reaffirms that its continuing focus will be the further development of its investment portfolio and its merchant banking business. GreenBank is seeking other small-cap investment opportunities, and welcomes approaches from aspiring private companies. During the last six months, and upon the completion of the proposed distribution ...

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GreenBank Signs Letter of Intent to Acquire 14% of Slabdeck

Toronto, Ontario, July 27, 2017 – GreenBank Capital Inc (CSE:GBC and OTCMKTS:GRNBF) ("GreenBank or the Company") announces that it has signed a Letter of Intent (“LOI”) to acquire 14% of Slabdeck Technology Inc (“Slabdeck”), a Canadian company that owns 100% of Slabdeck, a unique comprehensive all-in-one search mobile application that integrates social search, discovery and communication. Slabdeck resolves the challenge of having to use numerous apps to find items of interest. The Slabdeck mobile application is ...

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GreenBank Distribution Adjustment

Toronto, Ontario, July 14, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces an adjustment to the ratio of shares comprising the distribution previously announced on July 5, 2017. As a result of the exercise of incentive stock options by directors previously announced on July 7, 2017, the number of issued and outstanding shares of the Company have increased. Accordingly, for every one GreenBank common share on the Record Date ...

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Feb
03

Zara To Acquire Forge Lake Gold Project

2013  Author:   

 

Toronto, Ontario, February 1, 2013 – Zara Resources Inc (CNSX: ZRI) (“Zara”) is pleased to announce the execution of a non-binding Letter of Intent (the “LOI”) with Hudson River Minerals Ltd (TSXV: HRM) (“HRM”) whereby Zara will acquire control of 100% of the Forge Lake Gold Project (“Forge Lake”) located 32 km northeast of Wawa, Ontario, for the sum of $583,010.

Forge Lake is 14 km south of the Richmont Gold Mine and Mill, and Hudson River has previously conducted a surface sampling program, an airborne magnetic survey and two diamond drill programs. Seventeen holes were drilled in November 2011 and intersected 3.25g/t Au over 12.7 m. In April-June 2012 twelve holes were drilled designed to test for continuity of mineralization between the two main areas previously drilled, and intersected 7.07 g/t Au over 5.5 m. The exploration to date indicates that the gold-bearing quartz vein system is continuous and can contain high grade gold intersections, with a strike length of 650 m and a dip extent of 350 m.

Zara will acquire Forge Lake by the purchase of all the rights, title and interest to that certain Mineral Exploration License Agreement dated November I, 2011 (“the License”) between Hudson River and 3011650 Nova Scotia Ltd (“Licensor”). The License is subject to an original term of 5 years, a renewal term of a further 5 years and the right to convert from a license into a lease with rights to enter into commercial production. If Forge Lake goes into production there is a 3.0% royalty, of which the first 1.0% can be re-purchased for $1 million and the second 1.0% can be re-purchased for $1 million for each 0.5%.

As consideration, Zara will issue to HRM 5,715,780 common shares of Zara (the “Consideration Shares”) at a deemed price of $0.10 per common share of Zara. In accordance with the terms of the LOI, HRM will be required to distribute the Consideration Shares to its shareholders on a pro rata basis (the “Distribution”) within 18 months of closing or the Consideration Shares will be cancelled. However, if the Distribution is not effected within 18 months, the Consideration Shares will not be cancelled if the failure to effect the Distribution is a result of (a) the Distribution not being able to be made in a manner that is exempt from the prospectus requirements under applicable law; or (b) the Distribution would be contrary to applicable law. HRM will be restricted from selling, transferring or otherwise disposing of the Consideration Shares for a period of 18 months following the closing. As a condition to the completion of the sale of the Forge Lake Property, HRM must enter into a voting trust agreement with Danny Wettreich, CEO of Zara, pursuant to which Mr. Wettreich will be able to exercise the voting rights attached to the Consideration Shares until the earlier of (a) 18 months following the closing of the transaction; and (b) the date of the Distribution.

In addition to the consideration payable to HRM, Zara will issue 2% of the value of the deal to the Licensor, or $11,431.56 payable by 114,316 newly issued Zara shares, and will guarantee three years of license and tax payments to the Licensor.

Closing of this transaction is subject to HRM and Zara entering into a definitive agreement for the purchase and sale of the Forge Lake Property, regulatory approval and compliance with all applicable securities laws including, to the extent necessary, the approval of the shareholders of Hudson River.

This press release has been reviewed and approved by Alan Aubut, P.Geo, an independent geological consultant and a Qualified Person under National Instrument 43101.

About Zara Resources

Zara is a Toronto based mineral company developing its Pigeon River and Riverbank nickel-copper projects, in Ontario, Canada, as well as the acquisition and development of other Canadian natural resource properties.

For more information please see www.ZaraResourcesInc.com or contact Danny Wettreich at (416) 628-9879 or dw@ZaraResourcesInc.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 Winston Resources 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 ofthis press release

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