BLOOMFIELD HILLS, MI–(Marketwired – Nov 22, 2016) – ProGreen US, Inc (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, Twitter @ProGreenUS, has signed a 5% Promissory Note with the company’s CEO, Jan Telander, for a credit line of up to $250,000. The Note is non-convertible and will be repaid within one year. As further incentive, up to 2,500,000 warrants with an exercise price of $0.05, will be issued as advances under the credit line are made.
This credit line provides a most favorable financing arrangement for ProGreen as we continue to execute our business plan, and until a later time that we would see it as an appropriate point to draw from the equity line financing under review by the SEC (see our current report on Form 8-K filing, June 27, 2016).
“My confidence in our business plan and strategy, and my commitment to the success of ProGreen, are my reasons for personally securing this bridge financing,” says Jan Telander, President & CEO.
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.