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Replies to post #43217 on ProGreen US Inc. (fka PGUS)
05/08/18 9:25 AM
Convertible Notes Issued & Tangiers Forbearance Agreement
The Company has issued the convertible notes for working capital funding purposes, and intends to secure conventional debt financing arrangements to pay off current short term debt and for development of our Cielo Mar project, although there is no assurance that we will be able to arrange this financing. Tangiers has provided financing for ProGreen over the past several years and has agreed to extend its outstanding note and to also provide a further funding to the Company of $100,000.
ProGreen Acquiring Additional 2,500 Acres In Baja California
“It’s a beautiful piece of land with enormous possibilities for our projects, and within walking distance of the Arenoso farm.” said Jan Telander, CEO of ProGreen. “The first use of the land will be for expansion of the farming operations, for which we expect more than 1,000 acres to be farmable, providing for substantial growth in the coming years.”
“Setting our goal to become the No. 1 supplier to Huy Fong, will no doubt demand very fast expansion to get ahead of the competition, but we do have the advantage of access to good land in a virgin farm area,” says Jan Telander, CEO of ProGreen.
