GreenBank Capital Inc (CSE:GBC) announced that it has closed the first tranche of its previously announced private placement offering for total gross proceeds of C$448,111.88.
The company said all of the proceeds represented the conversion of outstanding debt owed by the company, including all directors and officers.
“The fact that all directors and others closely associated with the company have committed so much to this fundraising is indicative of the faith they have in the company's prospects and we look forward to raising further sums from interested investors over the coming weeks,” commented GreenBank CEO Terry Pullen in a statement.
Proceeds of the private placement will be used for investment and working capital purposes, the company said.
GreenBank Capital is a business-transformation firm that aims to nurture early-stage and growth companies to their full potential.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie