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Greenbriar Receives Unsolicited $79.9 Million Cash Offer to Purchase Sage Ranch
Newport Beach, California--(Newsfile Corp. - June 29, 2022) - Greenbriar Capital Corp. (TSXV: ...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"Greenbriar Receives Unsolicited $79.9 Million Cash Offer to Purchase Sage RanchNewport Beach, California--(Newsfile Corp. - June 29, 2022) - Greenbriar Capital Corp. (TSXV: GRB) (OTC Pink: GEBRF) (\"Greenbriar\") is pleased to announce that the Company has received an unsolicited offer to purchase Greenbriar's interest in and to the 995 home Sage Ranch sustainable subdivision in California.The offer was received today from Phantom Developments Limited of Toronto, Canada. (www.phantom.ca). The offer letter states in exact words verbatim: \"Please find enclosed an Offer to Purchase for the subject noted property from Phantom Developments Limited (\"Phantom\"), along with a comfort letter from CIBC demonstrating Phantom's financial capability. Phantom is a residential development and marketing group owned by S&A Developments. Along with its parent company, Phantom has been an active player in the Toronto real estate market for over 60 years, and has built and maintained an extensive portfolio of residential, industrial, and commercial properties across the Greater Toronto Area. Phantom is seeking to expand its real estate portfolio into the California market. The attached Offer to Purchase sets out a purchase price of Sixty-Two Million Dollars ($62,000,000.00) USD cash, which as of the date of this letter equates to approximately Seventy-Nine Million, Eight Hundred and Eighty-Five Thousand Four Hundred and Fifty Dollars ($79,885,450.00) CAD. The purchase price should be reviewed relative to Greenbriar Capital Corporation's share price. Greenbriar Capital Corporation has 31,571,929 shares. The purchase price in CAD divided by 31,571,929 shares, equates to roughly $2.53 CAD per share, being more than double the market price per share as of today's date. Should you have any questions, please contact the undersigned.\"Attached to the offer letter above is a letter from CIBC stating verbatim that Phantom \"has secured syndicated credit authorizations in the low nine-figure range.\" The offer document further stipulates acceptance from Greenbriar by COB July 6, 2022, and a buyer's discretionary 45-day due diligence period with final closing of 60 days thereafter, included within a mutually acceptable PSA to be completed within 30 days. Also stipulated are a series of deposits to ...