Current Report Filing (8-k)
April 06 2018 - 8:45AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 5, 2018
PROGREEN
US, INC.
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware
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000-25429
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59-3087128
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(State
or Other Jurisdiction
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(Commission
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(
I.R.S. Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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2667
Camino del Rio South, Suite 312, San Diego, CA
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92108-3763
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (619) 487-9585
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [X]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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Item
7.01. Regulation FD Disclosure.
ProGreen
US, Inc., a Delaware corporation (the “Company”) makes the following disclosures pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, generally referred to as Regulation FD Disclosure.
The
Company yesterday received the Comprehensive Valuation Report for the Cielo Mar property from CBRE.
As
described in the report, the Cielo Mar property is a 5,197 acre tract of vacant oceanfront land that is located in the Bahia del
Rosario (Bay of Rosario), on the Pacific coast of Baja California, Mexico. The site is located about 150 miles south of Ensenada,
and has approximately 4.5 linear miles of ocean frontage.
The
valuation report was prepared on the basis of proposed use for a medium density residential development.
As
excerpted from the report:
Due
to the location of the subject site and its moderate slope, a majority of the subject’s proposed homes would have some degree
of ocean view. The subject is more fully described, legally and physically, within the enclosed report. All values are reported
in U.S. Dollar currency.
Based
on the analysis contained in the following report, the market value of the subject is concluded as follows:
MARKET
VALUE CONCLUSION
Appraisal
Premise: As Is
Interest
Appraised: Fee Simple Estate equivalent (Mexican Corporation)
Date
of Value: February 15, 2018
Value
Conclusion: $42,000,000
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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PROGREEN US, INC.
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Dated:
April 6, 2018
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By:
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/s/
Jan Telander
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Jan
Telander,
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Chief
Executive Officer
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