Bradstone Financial Corp. entered into a non-binding letter of intent to acquire Hpb Investments, Inc. on January 26, 2015. Bradstone Financial Corp and Hpb entered into a merger agreement on March 24, 2015. Under the terms of letter, Series A and B Preferred Shares of Global Capital, parent of Bradstone, will be automatically be exchanged for subordinate voting shares and multiple voting shares, respectively, of the surviving entity. A definitive agreement will be entered into on or before February 28, 2015. Upon closing, the new entity will be named as Bradstone Financial Corp. At closing, current directors and officers of Global Capital, Chris Carmichael, Jason Ewart, Michael Allen, Alec Regis and Gordon Ewart, will become directors and officers of the surviving entity.

The deal is subject to regulatory approval, approval of shareholder of HPB, director and other approvals, the completion of satisfactory due diligence, closing of a financing, approval for listing of shares, resignation of directors and officers of Hpb, and determination of the structure of the transaction. The deal is expected to complete on or before May 31, 2015. Ryan Hunter of Chitiz Pathak LLP acted as legal advisor to Bradstone.

Bradstone Financial Corp. completed the acquisition of Hpb Investments, Inc. on December 31, 2015.