Genesis Secures $49.5 Million Debt Financing

About this update from Genesis Land Development Corp.

[{"type":"text","content":"\n\n\n\nTSE Stock Symbol: GDC\n\n\nCALGARY, Nov. 28 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n("Genesis" or "the Company") today announced that it has entered into a loan\nagreement for total funds of $49.5 Million to fund development of the Sage\nHill Crossing shopping centre site. The terms of the financing are interest at\nthe rate of CDOR + 3.75% with repayment required between 12 and 24 months. The\nfirst draw of the loan, representing work to date on the project, totaled\n$32,130,615 and was received today by the Company. This money will be used\ntowards the payment of other outstanding debt, repurchase of Company shares\nthrough the normal course issuer bid process and for other corporate matters.\n\n\nMr. Gobi Singh, President and CEO of Genesis, had the following comment;\n"The ability of Genesis to obtain significant financing at attractive interest\nrates in this challenging credit market is a testament to the strength of our\ncompany and the appeal of the Sage Hill Crossing shopping centre development."\n\n\nGenesis Land Development Corp. is a Calgary based land development\ncompany with an inventory of more than 30,000 future residential building\nsites (single-family and multi-family) and over 300 acres of\ncommercial/industrial lands in Western Canada, of which more than 19,000\nresidential building sites and over 300 acres of commercial/industrial lands\nare located in the Calgary metropolitan area.\n\n\nCertain statements in this news release could constitute forward-looking\nstatements. The Corporation's line of business involves risk, uncertainties\nand other factors which may cause actual results, performance or achievements\nof Genesis to be materially different from any future results, performance or\nachievements expressed or implied by such forward looking statements. Such\nfactors include the number of dwelling sites that Genesis will actually\ndevelop and sell.\n\n\n","length":2001,"tagName":"div"}]

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