ProGreen US Inc. (fka PGUS)

[Davis_Elite]

We now have visibility into the funding situation, more than Jan's been able to give in past filings and updates.

People keep screaming about Jan not giving any information, and so what happens? He gives us more info and it's the same complaints, and they want to paint it as negative. For example, "Two different loans have now fallen through." I say bullcrap, that's not true.

Here's what we have:

All along, we've been told that the company has engaged CMN... is STILL engaged with CMN... and now we see the first detail about what seems imminent, with a $2.5M loan closing in April.

Clearly some here have their own reasons for spinning information negatively, but facts are facts.

1. In the 8K filing: "Engagement of CMN Funding for Bridge Financing - On September 5, 2018 ProGreen engaged CMN Funding (the “Lender”) under the terms of their August 31, 2018 Letter of Interest for a three-year $5,500,000 financing (the “Loan”) secured by a first mortgage lien on our Cielo Mar property in Baja California, Mexico."
https://www.otcmarkets.com/filing/html?id=12951069&guid=_Om3UH5OPh4qKth

2. Recent Blog Updates: "In regards to questions concerning status of the bridge funding, the company is still engaged with CMN as previously disclosed. The process is ongoing, but the funding has not yet closed."

3. From the 10-Q this week: "We (are in) executed a term sheet with a firm for a bridge loan in the amount of $2,500,000. This loan is for 36 months at an interest rate of 9.25% fixed. The anticipated closing date for funding is April 2019."

4. From the blog update today: "As stated, we are expecting to close on the first $2.5M tranche of the bridge financing in April. We elected to go with this particular offer, as it will not encumber the land asset before the next tranche, which also provides more flexibility for progressing to the larger funding."

This $2.5M loan IS the second loan plan, and there is ONLY ONE loan commitment that Jan terminated after it became clear to him that they weren't going to deliver (and probably never intended to deliver).

A "letter of interest" doesn't define the end result. The end result apparently is the FIRST TRANCHE of something more than $2.5M. If they're only closing on the FIRST TRANCHE of $2.5M, okay, that's ALL we can be sure of at that time, though it does appear that there is more to come after that.

Funding for a small public company is not easy. And not easy to fund projects in Mexico. I say Jan deserves KUDOS for terminating that first loan deal when he did. Imagine if he held out longer, "hoping" that it would actually work out - as many loudmouths criticized him for losing thousands of dollars when he terminated that deal. We've been in this SECOND loan deal far longer than that initial loan deal - which should give some confidence that this one is actually happening - and we now have a dollar amount, general terms of the deal, and a general timeline.

So now we hear the complaints get louder. Well, of course. Gotta get their shares, real soon.