BLOOMFIELD HILLS, MI--(NewMediaWire - Jun 28, 2016) -
ProGreen Properties, Inc. (PROGREEN) (OTC
PINK: PGEI) has entered into a $5,000,000 equity line
financing agreement with the Tangiers Global, LLC (Tangiers)
investment fund.
The financing is in form of an Equity Line of Credit over a
maximum of 36 months. An S-1 Registration Statement will be filed
with the SEC for up to one hundred million (100,000,000) shares as
part of this financing.
A further $22,000 is also being financed by Tangiers to cover
the costs of the Registration Statement. This funding is in the
form of a Note, convertible into restricted common stock at a fixed
price of $0.03. The Note can also be repaid in cash by the Company
at its option.
Tangiers has been issued 4,000,000 five year warrants with a
strike price of $0.02 as a commitment fee.
For more details on the funding, please refer to 8-K filed
yesterday.
"This funding gives the Company the platform to be able to speed
up its business activities both in Mexico as well as here in the
U.S. It also creates a financial base for the Company to seriously
be able to look into solar projects," says Jan Telander, CEO &
President.
"Tangiers is very pleased to have entered into this funding
agreement with ProGreen. We believe in the company's business plan
and can see realistic growth potential with the addition of our
fixed funding commitment," says Michael Sobeck, Managing
Member.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (OTC
PINK: PGEI) based in Bloomfield, Michigan, is engaged in
the business of acquiring, refurbishing and upgrading residential
real estate into modern affordable homes, offered for sale with
Land Contracts to buyers unable to obtain conventional credit. The
company has also recently entered into property investments in Baja
California, Mexico and will be intensifying this activity, with the
aim of creating a sustainable income stream for many years to
come.
This press release might contain information, which may
constitute 'forward-looking statements' within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
'Forward-looking statements' are based upon expectations, estimates
and projections at the time the statements are made that involve a
number of risks, uncertainties and other factors that could cause
actual results or events to differ materially from those
anticipated.