BLOOMFIELD HILLS, MI–(Marketwired – Jun 28, 2016) – ProGreen Properties, Inc. (ProGreen), (OTC PINK: PGEI), has entered into a $5,000,000 equity line financing agreement with the Tangiers Global, LLC (Tangiers) investment fund.
The financing is in form of an Equity Line of Credit over a maximum of 36 months. An S-1 Registration Statement will be filed with the SEC for up to one hundred million (100,000,000) shares as part of this financing.
A further $22,000 is also being financed by Tangiers to cover the costs of the Registration Statement. This funding is in the form of a Note, convertible into restricted common stock at a fixed price of $0.03. The Note can also be repaid in cash by the Company at its option.
Tangiers has been issued 4,000,000 five year warrants with a strike price of $0.02 as a commitment fee.
For more details on the funding, please refer to 8-K filed yesterday.
“This funding gives the Company the platform to be able to speed up its business activities both in Mexico as well as here in the U.S. It also creates a financial base for the Company to seriously be able to look into solar projects,” says Jan Telander, CEO & President of ProGreen.
“Tangiers is very pleased to have entered into this funding agreement with ProGreen. We believe in the company’s business plan and can see realistic growth potential with the addition of our fixed funding commitment,” says Michael Sobeck, Managing Member of Tangiers.
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.