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.
"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.
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