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Greenscape Closes $3,150,000 in Financings
Greenscape Closes $3,150,000 in Financings
Published 09-15-10
Submitted by Greenscape Capital Group Inc.
Greenscape Capital Group Inc. (TSX VENTURE: GRN) -
Announcement Highlights:
- insider of company injects $1.15 million to Greenscape
- US $1.3 million contributed to Green Park project this week
- total project equity funded by Greenscape over US $7.4 million
Greenscape Capital Group Inc. ("Greenscape") is pleased to report it has closed $3,150,000 in financing for the ongoing rapid development of Green Park Denver LLC's 4,200 stall green parking facility servicing the Denver International Airport.
Greenscape contributed US $1,300,000 this week to Denver Green Park LLC, increasing the total equity injected by Greenscape to date, to US $7,4000,000. Greenscape is completely current and compliant with all material obligations and contracts relating to the development of the Green Park facility. Under the terms of a revised contribution schedule, Greenscape will contribute a final equity payment of US $1,595,165 on September 17th, 2010.
In addition to the equity component required for the project funding, Green Park Denver LLC has secured an $8.5 million construction loan for the development of the facility. This loan is a 3 year loan and bears an all-in, fixed interest of 5.45% (see Greenscape News Release dated August 9th, 2010).
The $3,150,000 announced today has been received through the issuance of a combination of long term debt and interim loans.
$2,300,000 has been received through long term debt, including the receipt of $1,150,000 from a Greenscape founder who is also a significant shareholder of the company. $850,000 has been received through the receipt of interim loans from close associates of the Company. 127,500 bonus shares will be issued to the lenders of the $850,000. In addition, the interim loans are secured by assets of a significant shareholder of the Company and as consideration thereof, the Company will issue a total of 127,500 bonus shares to the significant shareholder. 690,000 bonus shares will be issued to the two lenders who provided the $2,300,000.
All the loans are at various interest rates. No finder's fees were paid in conjunction with these loan transactions. These loans and bonus shares are all subject to regulatory approval.
Construction of the Green Park facility is substantially ahead of schedule and is on budget. In addition to the financing announced closed today, Greenscape is currently in the process of closing a special warrants financing that was announced and described on September 9, 2010.
About Greenscape
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital is focused on dramatically increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices. 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.
