GreenBank Capital Inc. (OTCPK:GRNB.F) entered into an agreement to acquire 5.83% stake in We Deliver Local Ltd. for £2.5 million on March 21, 2021. GreenBank has agreed and granted a 65-day option to invest £2.5 million for an initial 5.883% of Beelivery, subject to Beelivery satisfying certain conditions. GreenBank can elect to waive those conditions at its discretion.

On June 25, 2021, GreenBank entered into a definitive investment agreement with Beelivery and completed the first £1 million tranche of its planned investment. Subject to completion of the investment, GreenBank has also been granted a two-year option to acquire a further 20% of Beelivery for £40 million. In the event that GreenBank chooses to exercise its 20% option, Beelivery can require GreenBank to pay the £40 million by issuing new GreenBank shares at CAD 2 per share rather than paying cash.

In addition to this investment, and subject to completion of the initial £2.5 million investment, Beelivery has also agreed to appoint GreenBank as its merchant bank with a view to listing on the Canadian Securities Exchange or other international exchange as soon as possible and to act as adviser on any future fund raisings. In the last financial year to September 2020, sales were under £8 million. GreenBank will also appoint one director to the Board of Beelivery.

The transaction is subject to regulatory approval. The second tranche of its investment of £1.5 million is expected to complete by the beginning of September of 2021. As on September 14, 2021, GreenBank Capital announced that it has agreed to a £1.5 million loan facility with Staminier Ltd. in order to complete GreenBank's second tranche investment in Beelivery.