TSE Stock Symbol: GDC
CALGARY, Nov. 28 /CNW/ - Genesis Land Development Corp. (TSX: GDC) ("Genesis" or "the Company") today announced that it has entered into a loan agreement for total funds of $49.5 Million to fund development of the Sage Hill Crossing shopping centre site. The terms of the financing are interest at the rate of CDOR + 3.75% with repayment required between 12 and 24 months. The first draw of the loan, representing work to date on the project, totaled $32,130,615 and was received today by the Company. This money will be used towards the payment of other outstanding debt, repurchase of Company shares through the normal course issuer bid process and for other corporate matters.
Mr. Gobi Singh, President and CEO of Genesis, had the following comment; "The ability of Genesis to obtain significant financing at attractive interest rates in this challenging credit market is a testament to the strength of our company and the appeal of the Sage Hill Crossing shopping centre development."
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 30,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/industrial lands in Western Canada, of which more than 19,000 residential building sites and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Certain statements in this news release could constitute forward-looking statements. The Corporation's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of Genesis to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include the number of dwelling sites that Genesis will actually develop and sell.