Greenscape Update on Replacement Financing
Vancouver - Greenscape Capital Group Inc. ("Greenscape") TSX‐V: GRN is pleased to provide an update on the Maxam loan refinancing and outstanding Prepayment Fee dispute (Please see news from May 13, 2013).
The Court Order entered on May 10, 2013 ruled that the parties would go to a summary trial to determine the issue of whether or not a Prepayment Fee (as demanded by Maxam, but refuted by Greenscape) is an amount due and payable under the Credit Agreement. Greenscape and Maxam jointly appealed the previous decision that a summary trial would be necessary, and that the issue could be relied upon using existing agreements and evidence.
On August 12, 2013 the BC Court of Appeal gave notice that the Prepayment Fee would be ruled on without a trial. On August 15, 2013 Greenscape and Maxam presented final arguments to the BC Court of Appeal over the issue of the Prepayment Fee. Judgement has been reserved by the Court, and we expect to have a ruling at some point in the near future.
The stay of a receiver will remain until the Court renders judgement on the Prepayment Fee issue. To date, all amounts owing to Maxam have been paid and the Company is current. This also includes a $250,000 principal payment made on August 15, 2013, which was paid from a distribution from the Canopy asset. Refinancing of the loan is proceeding with a near term close anticipated.
ON BEHALF OF THE BOARD
"Rick Baxter" Chief Executive Officer
Greenscape Capital Group Inc.
Suite 700 – 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
T: (604) 687‐6687
For Investor Relations Contact:
Benjamin Curry/Andrew Mugridge
T: (604) 559-5573
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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. 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 or, if they do occur, what benefits the Company will obtain from them.