ProGreen Properties, Inc. Signs $2,500,000 Equity Financing Deal

BIRMINGHAM, Mich., Aug. 26 /PRNewswire-FirstCall/ -- ProGreen Properties, Inc. ("ProGreen") (OTC Bulletin Board: PGEI), www.progreenproperties.com, yesterday entered into a $2,500,000 equity line financing deal with Leaddog Capital LLP (Leaddog), New York.

The financing is in the form of an Equity Line of Credit, extending over a period of up to 24 months. A maximum of ten million (10,000,000) shares will be registered for this financing.  The financing is subject to our filing of a registration statement with the Securities and Exchange Commission for the financing, and the registration statement being declared effective by the Commission.

Full disclosure of the information relating to this Equity Line of Credit can be found in the 8K filed yesterday.

"This financing will serve a dual purpose for ProGreen, as follows:

First, it will bring cash funds into the company at a comparatively low cost and enable ProGreen to increase the ability to further ramp up the investment strategy in new acquisitions. This will give the company the ability to market a larger number of properties under the ProGreen banner at the same time, thus improving the possibilities to enhance our revenues.

Secondly, it will enable ProGreen to increase the free-float of our stock in the market place, which should gradually create more liquidity, with the company still retaining control of the number of shares to be issued, as "put" notices will be presented to Leaddog when the company finds the market demand and price level right to absorb new shares." (Says Jan Telander, President & CEO)

ABOUT PROGREEN PROPERTIES, INC:

ProGreen Properties, Inc. (ProGreen) (OTC Bulletin Board: PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading potential income-producing residential real estate. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.

This press release contains statements, which may constitute 'forward-looking statements' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. 'Forward-looking statements' are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated. Such factors include; our ability to create, sustain, manage or forecast our growth; our ability to attract and retain key personnel; changes in our business strategy or development plans; competition; business disruptions; adverse publicity; and international, national and local general economic and market conditions.

SOURCE ProGreen Properties Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED