Business
GARNEAU INC. ANNOUNCES LEASE AND OPTION TO PURCHASE OF NISKU PROPERTY
GARNEAU INC. ANNOUNCES LEASE AND OPTION TO PURCHASE OF NISKU PROPERTY
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\n Sep. 24, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nNEX - GAR.H\n\nNISKU, AB, Sept. 24 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that the Corporation has entered into a lease agreement (the "Lease") with an arm's length third party (the "Tenant") to lease substantially all of Garneau's remaining property (the "Property"), which consists of real property situated in Nisku, Alberta. Pursuant to the Lease, the Tenant has agreed to lease the Property from the Corporation for a term of 5 years for consideration of $385,500 in the first year of the Lease ($5,000 per month for months 1 and 2 and $37,500 per month for months 3 to 12) and $570,000 per year in years 2 to 5 ($47,500 per month). In addition and subject to certain conditions, the Lease provides the Tenant with an option to purchase the Property (the "Option to Purchase") for consideration of: (i) $5,800,000 in months 1 to 6 of the Lease; (ii) $6,100,000 in months 7 to 12 of the Lease; and (iii) $6,400,000 after month 12 of the Lease, until the expiry or termination of the Lease.\nThe Corporation also announces that if the Option to Purchase is exercised and the sale of the property is completed, the board of directors intends to discharge the Corporation's liabilities, distribute the Corporation's remaining cash assets, if any, to its shareholders, and wind-up the Corporation pursuant to the provisions of a plan of liquidation, dis...