Greenscape to Advance Further US $1,000,000 in Equity to Denver Project
Greenscape Capital Group Inc. ("Greenscape") is pleased to report that the previously announced Denver green parking project has now been under construction for more than one month.
To meet its obligations under existing agreements, through which Greenscape owns 90% of Green Park Denver LLC, Greenscape is advancing $1,000,000 to the project next week.
To facilitate this, Greenscape has arranged a $1,000,000 convertible debenture financing. The debenture bears interest at 15%, paid bi-annually and is convertible for a term of 24 months at the option of the holder at a $0.35 per share. There is a forced conversion should Greenscape shares trade at $0.75 for a period of 10 straight days. Finder's fees, according to TSX Venture Exchange regulations, may be paid in accordance with this financing.
Greenscape has previously advanced US $2,504,849 under its equity contribution schedule to the project and the injection of the $1,000,000 announced today will bring Greenscape's total equity contribution advances to-date to US $3,504,849.
US $8,500,000 in debt financing has also been arranged for the development of this project. The project's total capital costs of construction are estimated to be US $17,000,000.
To facilitate this, Greenscape has arranged a $1,000,000 convertible debenture financing. The debenture bears interest at 15%, paid bi-annually and is convertible for a term of 24 months at the option of the holder at a $0.35 per share. There is a forced conversion should Greenscape shares trade at $0.75 for a period of 10 straight days. Finder's fees, according to TSX Venture Exchange regulations, may be paid in accordance with this financing.
Greenscape has previously advanced US $2,504,849 under its equity contribution schedule to the project and the injection of the $1,000,000 announced today will bring Greenscape's total equity contribution advances to-date to US $3,504,849.
US $8,500,000 in debt financing has also been arranged for the development of this project. The project's total capital costs of construction are estimated to be US $17,000,000.
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