Greenscape to raise up to $5m in private placement for Denver green parking facility

Greenscape Capital has managed to secure up to $5 million in financing through a non-brokered private placement, subject to regulatory approval, for the completion of Green Park Denver's 4,200 stall green parking facility servicing the Denver International Airport.
The Green Park Denver project is advancing quickly, as it is moving ahead of schedule and is slated for completion and operations in November this year, the company said.

Green Park Denver is being built as the world's greenest parking facility with solar and wind energy sources, geothermal heating and cooling, electric vehicle plug in stations and LED lighting incorporated into the design.

The facility will be a model for future Green Park projects targeted for construction throughout North America.

The project has a value of $30.9 million pre-cash flow and post construction and a value of $41.6 million upon stabilization.

Proceeds from the financing will be used to advance the final funds required for the Denver project as well as for general working capital purposes.

The offering, which will be led by institutional investors, is a special warrant financing comprised of up to around 18 million special warrants at a price of $0.275 each.

Each special warrant entitles the holder to receive one unit, consisting of one common share of the company and one-half of one purchase warrant.

To date, Greenscape has injected approximately $6.1 million in capital to the construction process. Denver Green Park has also recently closed a US $8.5 million loan with Wells Fargo Bank, which has a 3 year term and an all-in fixed interest of 5.45% per year.

Greenscape Capital increases environmental sustainability, social responsibility, and profitability of companies and their operations.

The company was up more than 4% on the back of the news on Thursday, trading at $0.38 as of 3:05pm ET on the TSX-Venture Exchange.
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