BIRMINGHAM, Mich., March 23, 2011 /PRNewswire/ -- ProGreen Properties, Inc. (ProGreen), OTCQB-PGEI, www.progreenproperties.com, announced that the company has entered into an amendment to increase its initial $2,500,000 equity line financing agreement with LeadDog Capital LLP (LeadDog), New York, NY, to $6,000,000 and to extend until September 1, 2011 the filing deadline for the Registration Statement for the equity line offering. For the equity line financing, a maximum of twenty four million (24,000,000) shares are now be registered for the offering, which would be over a period of a maximum of 24 months. "This extension will give us the possibility to build further awareness in the market place, as well as proceed further in our business. The increase of the total amount will enable us to grow faster and invest in more and/or larger properties, in order to enhance our operating results," says Jan Telander, President & CEO.
We will continue to monitor our need for the equity line financing and will take into account the potential effect of that financing on the market for our common stock as we proceed.
Full information about the changes in our equity line of credit agreement can be found in the company's latest 10Q filing.
ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern, comfortable and more energy efficient homes. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.
Jan Telander, President & CEO
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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.