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Conditional Letter Agreement to Purchase Residential Development Land in Calgary Metropolitan Area
Conditional Letter Agreement to Purchase Residential Development Land in Calgary Metropoli...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nConditional Letter Agreement to Purchase Residential Development Land in Calgary Metropolitan Area\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, April 1, 2019\n\n\n\nCALGARY, April 1, 2019 /CNW/ - Genesis Land Development Corp. (\"Genesis\") is pleased to announce that it has entered into a letter agreement relating to the proposed purchase of approximately 160 acres of future development land (the \"Land\") in the Calgary Metropolitan area (the \"CMA\"). The purchase is conditional on the satisfaction of a number of conditions precedent by mid-June, 2019 including, among other things, satisfactory completion of due diligence by Genesis and the finalization of a definitive purchase and sale agreement. \nThe Land has Area Structure Plan approval for residential development and is currently under a municipal growth management overlay and requires land use approval. Genesis believes the purchase price and terms of the proposed acquisition are in line with current market conditions and expects to fund the proposed transaction with internal resources and financing typical for transactions of this nature. \nIain Stewart, President and CEO of Genesis stated, \"This parcel fits well with Genesis' existing land base in terms of location and time to market and is in an area of the CMA that is experiencing growth. This purchase, if completed, will further our business strategy of finding new growth opportunities in the CMA and leveraging our expertise in adding value\".\nThere can be no assurances that this acquisition will be completed as proposed or at all, or if completed on terms and conditions currently proposed. Genesis expects to provide further updates regarding the satisfaction of conditions precedent and the entering into of a definitive purchase and sale agreement.\nAbout Genesis \nGenesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC). \nADVISORIES\nForward-Looking Statements \nThis news rele...