Greenscape Seeks Replacement Financing
Vancouver, B.C., - Greenscape Capital Group Inc. ("Greenscape") TSX‐V: GRN has received Notice of Intention to Enforce Security with regards to the Canopy Airport Parking Asset mezzanine loan from Maxam Opportunities Fund ("Maxam"). Maxam has also notified the company of acceleration of the loan and is seeking immediate payment.
Greenscape has been working on a solution to replace the expensive mezzanine financing provided by Maxam for some time and is currently in discussions with multiple lenders. We expect any new terms to be substantially better than the existing financing in place.
Greenscape has retained Bull, Housser & Tupper LLP as its legal representative for this process.
Greenscape Capital Group is headquartered in Vancouver, British Columbia. The company's core asset is the Canopy Airport Parking Facility, a 4,200 space state-of-the-art parking structure servicing the Denver International Airport. Canopy is known as North America's Greenest Parking Facility, is certified as a Demonstrator Site for the Green Parking Council and operates up to 75% more energy efficiently than competing parking facilities, thereby increasing the company's bottom line. Greenscape seeks to maximize shareholder value by exploring new opportunities and growth in the US commercial real estate market. For more information visit www.greenscapecapital.com.
ON BEHALF OF THE BOARD
"Rick Baxter" President and CEO
Greenscape Capital Group Inc.
Suite 700 – 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
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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. In particular, no assurance can be given that the Company will be able to locate loan financing to replace the Maxam loans on terms acceptable to the Company, or at all.