VANCOUVER, BRITISH COLUMBIA -- Greenscape Capital Group Inc. ("Greenscape") (TSX VENTURE:GRN) is pleased to report it has closed $1,062,000 in financing for the ongoing rapid development of Green Park Denver LLC's 4,200 stall green parking facility servicing the Denver International Airport.
The $1,062,000 has been received via a third tranche closing of the convertible debenture financing for $83,000 under the same terms as announced and described by Greenscape on June 18th 2010, and through the receipt of loans totaling $979,000 from major shareholders and close associates of the company, at various interest rates. Greenscape issued 300,000 in bonus shares to the lenders, including a significant share holder of the Company. In addition, one of the loans is secured by assets of significant shareholders of the Company and as consideration thereof, the Company has issued a total of 200,000 bonus shares. No finder's fees were paid in conjunction with these loan transactions.
To date, Greenscape has contributed approximately $6 million in equity financing to Green Park Denver, LLC.
Construction of the facility is ahead of schedule and on budget. Greenscape is compliant and current with all material contracts and obligations in relation to the rapidly advancing development. The project is being financed through a combination of equity and through US $8.5 million of project debt that has been arranged with Wells Fargo Bank (see Greenscape News Release dated July 28th, 2010).
Finder's fees of $6,640 will be paid on the third tranche closing of the convertible debenture financing. These financings are subject to approval of the TSX Venture Exchange.
About Greenscape
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital owns 100% of Green.Switch Capital, a Canadian based company 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.
Please visit our websites at:
www.greenscapecapital.com
www.greenswitchcapital.com
ON BEHALF OF THE BOARD
"Bryan Slusarchuk"
CEO and Director
Contact Information:
Greenscape Capital Group Inc.
Suite 700 – 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
info@greenscapecapital.com
Tel. 1‐604‐687‐7130
Investor Relations Contact
KIN communications
ir@kincommunications.com
Toll Free: 1‐866‐684‐6730
Disclaimer for Forward‐Looking Information
Certain statements in this release are forward‐looking statements, which reflect the expectations of management regarding future revenues and contracts. Forward‐looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur, when they will occur, or if they do occur, what benefits the company will obtain from them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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