BLOOMFIELD HILLS, MI--(Marketwired - Mar 14, 2016) - ProGreen Properties, Inc. (PROGREEN) (
This has resulted in bringing all 14 properties owned by ARG onto PROGREEN's books for a total stated net asset value of $1,285,000.
The acquisition was cashless, paid for by PROGREEN issuing 8,093,541 Class B 7% Preferred Shares to AMREFA, that are convertible into common stock after 12 months at average market price for the 20 trading days prior to March 8, 2017.
An outstanding 8% Note of $270,000 including accrued interest, in favor of AMREFA, was also cancelled under the agreement, with $70,000 being converted into the same class of preferred shares, and the remaining $200,000 to be paid back in cash from part of the proceeds from the sale of one of the 14 properties now acquired.
"This is a very big step forward for the company, resulting in a considerably improved balance sheet and further reduced debt," says Jan Telander, President.
About ProGreen Properties, Inc.
PROGREEN PROPERTIES, INC. (PROGREEN) (
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.
Contact Information:
ProGreen Properties, Inc.
Jan Telander
President & CEO
Phone: (248) 805-3652
Email: jan@progreenproperties.com
www.pgproinc.com