November 22, 2016, the Company signed a 5% Promissory Note with the company's CEO, Jan Telander, for a credit line of up to $250,000. The Note is non-convertible and is to be repaid within one year. Mr. Telander completed the full amount of the advances under the Note today, and today we have issued to Mr. Telander, in accordance with the terms of this credit line financing, a five-year common stock purchase warrant to purchase 2,500,000 shares of common stock at an exercise price of $0.05 per share,
will be issued as are made.
Mr. Telander today has entered into an additional one year 5% Promissory Note credit line agreement of up to $250,000 with the Company, on the same terms as those of the November 22, 2016 agreement, and has commenced advances to the Company under the new Promissory Note.
"This additional credit line provides a most favorable financing arrangement for ProGreen as we continue to execute our business plan, with a ramp up of our activities in Baja California, until a later time that we would see it as an appropriate point to draw from the equity line financing under review by the SEC. My confidence in our business plan and strategy, and my commitment to the success of ProGreen, are my reasons for personally expanding this bridge financing," says Jan Telander, President & CEO.