PROGREEN US, INC. (OTCMKTS:PGUS) Files An 8-K Other Events
Item 8.01 Other Events.
On November 22, 2016, the Company 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 is to be repaid within
one year. Mr. Telander completed the full amount of the advances
under the Note today, and today we have issued to Mr. Telander,
in accordance with the terms of this credit line financing, a
five-year common stock purchase warrant to purchase 2,500,000
shares of common stock at an exercise price of $0.05 per share,
will be issued as are made.
Mr. Telander today has entered into an additional one year 5%
Promissory Note credit line agreement of up to $250,000 with the
Company, on the same terms as those of the November 22, 2016
agreement, and has commenced advances to the Company under the
new Promissory Note.
This additional credit line provides a most favorable financing
arrangement for ProGreen as we continue to execute our business
plan, with a ramp up of our activities in Baja California, 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. My
confidence in our business plan and strategy, and my commitment
to the success of ProGreen, are my reasons for personally
expanding this bridge financing, says Jan Telander, President
CEO.
About PROGREEN US, INC. (OTCMKTS:PGUS)
ProGreen US, Inc. (ProGreen), formerly ProGreen Properties, Inc., owns and manages residential real estate rental property in the Oakland County, Michigan area. The Company is engaged in acquiring, refurbishing and upgrading residential real estate. The Company purchases residential real estate apartment homes, condominiums and houses in the State of Michigan. The Company is focusing its investments and interest in agricultural land in Baja California, Mexico. The Company’s investment properties are marketed by ProGreen Realty LLC, a subsidiary of ProGreen and managed by its subsidiary, Progreen Properties Management LLC. In addition, the Company’s subsidiary, ProGreen Construction LLC, performs various construction and development services for properties, which are held and under development. As of April 30, 2016, the Company owned 14 properties. PROGREEN US, INC. (OTCMKTS:PGUS) Recent Trading Information
PROGREEN US, INC. (OTCMKTS:PGUS) closed its last trading session up +0.0006 at 0.0196 with 1,027,959 shares trading hands.
