SAN DIEGO, May 21, 2018 /PRNewswire/ -- ProGreen US, Inc. (ProGreen) (OTCQB:PGUS), a San Diego-based company with real estate and agriculture land development projects in Baja California, Mexico, disclosed today that the company received letters of interest/intent at the end of last week from two lenders to provide bridge funding in the amounts of $3M and $5M (USD), respectively. The company will choose between the two this week, to proceed with the underwriting due diligence.
"The LOI's are for conventional, non-convertible loan financing, that will give us the capital to take out convertible notes and other debt, as well as for speeding up both our agriculture and real estate projects," said Jan Telander, CEO of ProGreen.
"We are now also negotiating a larger $20M long-term financing with several groups," added Jan.
About ProGreen US, Inc.
ProGreen US, Inc. (ISIN: US74327M1027), headquartered in San Diego, California, is engaged primarily with investments in agriculture and real estate projects in Baja California, Mexico, both through its joint venture partnership with Inmobiliaria Contel S.R.L.C.V., as well as through its majority-owned Mexican subsidiary Procon Baja JV. The farming operation is supplying chili peppers to Huy Fong Foods for 2018, and a totally green, 5,000 acre oceanfront resort-style vacation and retirement community is being planned, called Cielo Mar. For additional information about ProGreen and its projects, visit our website at www.progreenus.com. Follow us on Twitter: @ProGreenUS.
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SOURCE ProGreen US