In the news release "$11.1 Million
Sale by Genesis of Two Sites in Sage
Meadows" issued yesterday, December
5, 2017, by Genesis Land Development Corp. ("Genesis") (TSX:
GDC), the headline should read "$10.5
Million Sale by Genesis of Two Sites in Sage Meadows" rather than "$11.1 Million" and the aggregate sale price of
the Lands should read "$10,497,700"
rather than "$11,127,700" as
originally issued. Complete corrected text follows.
$10.5 Million Sale by Genesis of Two Sites in Sage Meadows
CALGARY, Dec. 5, 2017 /CNW/ - Genesis Land Development
Corp. ("Genesis") (TSX: GDC), is pleased to announce that it has
entered into an agreement with a third party builder for the sale
of lands in the community of Sage
Meadows, located in north west Calgary, Alberta (the "Lands"). The Lands are
a part of Phase 3 of the Genesis Sage Meadows development and will
consist of two sites of 8.18 acres and 1.4 acres, which are zoned
for multi-family and commercial development respectively.
The aggregate sale price of the Lands is $10,497,700 and requires Genesis to subdivide the
Lands prior to closing. The transaction is expected to close on the
date that is thirty (30) days after registration of the subdivision
plan, anticipated to occur on or about the second quarter of 2018.
The purchaser has paid a deposit and will pay the full sale price
on closing.
About Genesis
Genesis Land Development Corp. is a land developer and
residential home builder in the Calgary Metropolitan Area. The Corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC).
SOURCE Genesis Land Development Corp.