Have you already registered?

Parking Network Virtual Conference


Greenscape Closes $1,198,899.90 in Financing

Vancouver, B.C., September 28, 2010 Greenscape Capital Group Inc. ("Greenscape") is pleased to announce that it has closed $1,198,899.90 in equity financing, subject to regulatory approval, for the completion of Green Park Denver LLC's 4,200 stall green parking facility servicing the Denver International Airport.
The $1,198,899.90 has been received via a first tranche closing of the special warrant financing under the same terms as announced and described by the Company in its news release of September 9, 2010. The Company has issued 4,359,636 special warrants at a price of $0.275 per Special Warrant. Each Special Warrant entitles the holder to receive, for no additional consideration, one unit; each Unit consisting of one common share of the Company and one-half of one common share purchase warrant. Each full Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.35 per share for a period of 24 months following the closing date. In the event the closing price of the Company's common shares on the TSX Venture Exchange is at least $0.75 for ten consecutive trading days (at any time following the earlier of four months from the date of closing, or the receipt for a final prospectus) the Company may reduce the remaining exercise period of the Warrants to not less than 30 days from the date of providing notice of the reduced exercise period.

Special Warrants automatically convert to Units upon the earlier of four months following the date of issuance; and the date a final receipt is obtained for a prospectus qualifying the distribution of the Units.

The Company will use its commercially reasonable efforts to file a prospectus and qualify the distribution of the Units as expeditiously as possible following the final close of the financing. If a final receipt for a prospectus has not been received within 60 days following the final closing of the Financing, each Special Warrant will entitle the holder to receive 1.1 Units (comprising 1.1 Shares and 0.55 of a Warrant).

Finder's fees of $68,191.99, 100,800 Special Warrants and 435,963 finder's warrants will be paid on the first tranche of the financing.

Greenscape is completely compliant and current with all material obligations and commitments regarding the rapidly advancing Green Park development. To date, Greenscape has contributed $8,201,849 in equity to the project. Greenscape has a remaining equity commitment of $795,165 to the project. After making the final $795,165 equity contribution, the balance of the project construction will be funded by the previously announced $8,500,000 construction loan with Wells Fargo Bank (a 3-year loan with an all-in fixed interest cost of 5.45% per annum).

This equity financing announced today is subject to approval of the TSX Venture Exchange.

About Greenscape Capital Group

Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital is focused on dramatically increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices. When marked opportunities arise, Greenscape also invests in other companies that operate in the environmental space, providing strategic capital and business advisory services to assist companies in achieving their environmental and corporate goals.
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Go To Registration

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself


There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login