Business Brief
Regarding the land use approval for Cielo Mar: Through our good connections and relations with the authorities, we have been granted an extension for payment of the environmental compensation assessment, to give us the time needed for our pending bridge loan to close.
To answer a question that is being asked every week: Yes, we are still working with the same lender for the bridge loan; there has been no change, other than the delay in the closing, which has nothing to do with ProGreen. They have had one technical issue after another resolved since our last update on May 1, and we are on daily standby until it closes.
Separately, government authorities requested our assistance in reviewing the requested road addition from El Rosario to Cielo Mar early last week. We met with State engineers and drove through the route with them.
We learned that the plan is to possibly add our road as a smaller sub-project prior to the larger project for expanding the highway (to 4 lanes from Ensenada to Guerrero-Negro).
To see this sort of immediate attention to our project and the access road is very encouraging, and again shows their high interest and commitment of support for the development.
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