Tangiers has been issued 4,000,000 five year warrants with a strike price of $0.02 as a commitment fee.
• ProGreen Properties Inc. Open Letter to Shareholders
BLOOMFIELD TOWNSHIP, MI -- (Marketwired) -- 07/05/16 -- ProGreen Properties, Inc. (PROGREEN) (OTC PINK: PGEI) has mainly been engaged in acquiring, refurbishing and upgrading potential income-producing residential real estate. The properties, once refurbished, have then been leased to suitable tenants, creating good returns as rental properties.
Recently we have begun focusing on opportunities in Mexico, through investments in agricultural land in Baja California. We anticipate to increase this activity substantially over time.
Goals for the next 12-18 month
•• Create a substantial revenue stream from our agricultural land developments in Baja
•• Commence property developments in Baja as well as in the U.S.
•• Enter into a formal agreement with SolTech Energy Sweden AB and apply their Solar technology to suitable properties developed by ProGreen in the U.S. and Baja
•• Get the company moved up to OTCQB and move the company toward a Nasdaq listing
** Transparency towards our shareholders True transparency of the company's activities and progress in respect to shareholders, we see as essential to attract long term investors and create shareholder loyalty. Keep the public well informed with an open line of communication, channeled mainly through our new website ProGreenUS.com, with attached Twitter feed, message board, ticker news, press releases, and share structure (updated first week of every month). We will also expand our exposure to the public through other suitable social media, webinars and investor presentations, reflecting the mission of transparency as well as growth of the company, to serve as a true barometer of PROGREEN.
** The new PROGREEN Over the past 6 months we have been working very hard with turning the company around and some significant progress has been made.
February 13. A joint venture agreement was executed with INMOBILIARIA CONTEL S.R.L.C.V. (CONTEL) for the first tract of land of approximately 300 acres for agriculture use in Baja California, Mexico. The land has since been developed and prepared for active farming with three wells providing an abundance of water (700 Gallons/minute) and is now being actively shown and marketed to potential buyers, with several parties showing serious interest.
February 17. The earlier outstanding Convertible Debenture of $476,000, was assumed by EIG Venture Capital Ltd., the company's main shareholder, in exchange for Preferred Stock in the company.
February 22. The company signed a capital injection commitment for a total of $300,000 from Jan Telander, CEO of the Company, Ulf Telander, CEO of EIG Venture Capital Ltd., and Frederic Telander, CEO of Soltech Energy Sweden AB, clearly demonstrating confidence and belief in the future of the company.
March 8. The acquisition of American Residential Gap LLC (ARG) was finalized, bringing its 14 properties on to PROGREEN's books, adding a net asset value of $1,285,000 to the balance sheet. The acquisition was a pure paper transaction with full payment being made by issuance of Special Preferred Stock to American Residential Fastigheter AB (ARG's previous sole member), convertible into common stock by March 8, 2017. The conversion price will be based on the average market price for the 20 preceding trading days of March 8, 2017. The Preferred Stock can also be paid off in cash.
March 28. The last of the "toxic" convertibles with institutional lenders, was fully converted.
May 14. A second Joint Venture Agreement was signed with CONTEL for two parcels of land, 235 Ha (588 acres) and 529 Ha (1323 acres) respectively. The land will be prepared and developed for agriculture use, to be leased to growers of produce.
June 17. PROCON BAJA JV was formed in Ensenada, Mexico, as a holding company for the JV signed on May 14. The company is owned by PROGREEN to 51% and CONTEL 49%, and will be managed by a board of Managing Directors consisting of three members, with two representing PROGREEN. At all times, at least two directors' approval will be needed for management decisions or financial transactions, giving PROGREEN, in effect, full operational control. As a majority shareholder, PROGREEN will be able to reflect its assets in Baja on the balance sheet.
8/31/16- ProGreen US files Pre 14c indicating the reduction of AS to 950M
It is our goal to up-list off of the pink sheets to the OTCQB in the near future and show investors that we are building a strong company with a clean balance sheet as well as a steady revenue streams.
ProGreen Uplists to OTCQB!!!!