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Greenscape Closes $1.086 Million in Financing for Denver Project
Greenscape Closes $1.086 Million in Financing for Denver Project
Published 06-25-10
Submitted by Greenscape Capital Group Inc.
(Marketwire) -- Greenscape Capital Group Inc. (TSX VENTURE: GRN) -
Announcement Highlights:
- Denver project rapidly advancing with construction on time and on budget
- to date, Greenscape has contributed more than US$3,700,000 in equity financing to project
Greenscape Capital Group Inc. ("Greenscape") is pleased to report that it has closed $1,086,000 in financing.
The funds will be applied to meet the US$1,000,000 second equity contribution payment required for the ongoing construction of the Green Park Denver LLC (GP LLC) 4,200 stall green parking facility servicing the Denver International Airport (DIA). Greenscape owns 90% of Green Park Denver LLC.
To date, Greenscape has contributed over US$3,700,000 in equity financing to GP LLC. Construction is ongoing. The project is on time and on budget. Greenscape is compliant and current with all material contracts and obligations in relation to the rapidly advancing development. The project is being funded through a combination of equity and through US$8.5 million of project debt that has been arranged. The estimated time to complete construction of the project is 7 months from the starting date with total construction capital costs of approximately US$17,000,000.
Bryan Slusarchuk, Greenscape CEO, states, "This is a major asset being built. Every week, the project moves closer to completion and we look forward to the continued fast pace of construction progress onsite."
The $1,086,000 has been received by Greenscape via a first tranche closing of the convertible debenture financing the company described and announced on June 18th, 2010 for $475,000 and through the receipt of loans totaling $611,000 from major shareholders of the company and third parties. Finder's fees totaling $38,000 were paid on the financing. The hold period on the convertible debenture expires October 23, 2010.
Through an Amendment to the Green Park Denver, LLC Agreement dated June 18, 2010, Greenscape made the equity contribution requirement of US$1,000,000 on June 22, 2010. Previously, Greenscape made the initial equity contribution requirement of US$2,704,849 with further equity payments scheduled as to; (i) July 6, 2010 - US$3,526,187; (ii) August 4, 2010 - US$1,768,964; and (iii) after August 4, 2010 - US$972,014.
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. www.greenscapecapital.com
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.
