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December 21, 2017updated 08 Jan 2018 8:27am

GreenBank to buy 81% stake in Veterans Financial

GreenBank Capital has inked an agreement to acquire 81% of its affiliate portfolio company Veterans Financial Group, a US based insurance agency providing insurance services to veterans, families and businesses.

The transaction price of $412,966 will be payable by the issuance of 259,727 common shares of GreenBank at a price of $1.59 per share, at the CSE closing price of GreenBank shares on 18 December 2017.

Once the transaction is closed, Veterans will operate as the 100% owned subsidiary of GreenBank.

Earlier in September, GreenBank agreed to acquire 15% stake of Veterans for $57,000, payable $25,000 in cash and $32,000 by the issuance of 32,000 $1 non-voting 5% preference shares series C.

Veterans offers insurance products including whole life, term life, universal life, indexed universal life, annuities, final expense, health, and Medicare.

GreenBank operates as a merchant banking business and is listed on the Canadian Securities Exchange (CSE).

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