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Greenscape to Advance Further US $1,000,000 in Equity to Denver Project
Greenscape to Advance Further US $1,000,000 in Equity to Denver Project
Published 06-18-10
Submitted by Greenscape Capital Group Inc.
Greenscape Capital Group Inc. (TSX VENTURE: GRN) -
Announcement Highlights:
- construction has been underway for more than one month
- construction process in Denver on time and on budget
- US $2,504,849 was previously advanced by Greenscape as initial equity contribution towards development of project
Greenscape Capital Group Inc. ("Greenscape") is pleased to report that the previously announced Denver green parking project has now been under construction for more than one month.
To meet its obligations under existing agreements, through which Greenscape owns 90% of Green Park Denver LLC, Greenscape is advancing $1,000,000 to the project next week.
To facilitate this, Greenscape has arranged a $1,000,000 convertible debenture financing. The debenture bears interest at 15%, paid bi-annually and is convertible for a term of 24 months at the option of the holder at a $0.35 per share. There is a forced conversion should Greenscape shares trade at $0.75 for a period of 10 straight days. Finder's fees, according to TSX Venture Exchange regulations, may be paid in accordance with this financing.
Greenscape has previously advanced US $2,504,849 under its equity contribution schedule to the project and the injection of the $1,000,000 announced today will bring Greenscape's total equity contribution advances to-date to US $3,504,849.
US $8,500,000 in debt financing has also been arranged for the development of this project. The project's total capital costs of construction are estimated to be US $17,000,000.
About ProPark
Founded in 1984, ProPark America is one of the United States' leading parking companies providing parking management and parking real estate services across the country. Propark has successfully managed consist growth while preserving the company's entrepreneurial spirit and unique culture of creative innovation.
About Greenscape Capital
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital owns 100% of Green.Switch Capital, a Canadian based company focused on dramatically increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices. Green.Switch provides full-service energy retrofitting for commercial clients. The Green.Switch energy retrofit process begins with the assessment of client issues and infrastructure, through to project design,capitalizing improvements, attaining government incentive grants when applicable, contracting, installation and monitoring. When marked opportunities arise, Greenscape also invests in other companies that operate in the environmental space, providing strategic capital and business advisory services to assist companies in achieving their environmental and corporate goals.
On Behalf of the Board
Bryan Slusarchuk, CEO and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding future revenues and contracts. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur, when they will occur, or if they do occur, what benefits the company will obtain from them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
