Greenbriar to purchase 8 million Captiva Verde units
2021-02-08 00:27 ET - News Release
See News Release (C-GRB) Greenbriar Capital Corp
Mr. Jeff Ciachurski reports
GREENBRIAR CAPITAL CORP TO PURCHASE EIGHT MILLION UNITS OF CAPTIVA VERDE
Greenbriar Capital Corp. will purchase eight million units of a fully committed 10-million-unit non-brokered private placement in Captiva Verde Land Corp. Captiva Verde will issue 10,000,000 units (the "Units") at a price of $0.27 per unit for gross proceeds of $2,700,000. Each Unit is comprised of one common share and one common share purchase warrant. Each warrant (a "Warrant") entitles the holder to acquire one additional common share in the capital of Captiva Verde at a price of $0.75 per warrant until February 8, 2023. Proceeds will be used by Captiva Verde for working capital purposes. Greenbriar has advanced $1.8 Million cash to date through funds derived from the exercise of Greenbriar warrants.
Greenbriar is relying on TSX-V Policy 5.3 para 7.1 "Restrictions on Investments by Issuers - Tier 2 Issuers (other than Investment Issuers) are not permitted to purchase securities of other reporting issuers for cash, either in the secondary market or as a Private Placement from treasury, except where the Issuer is participating in a joint venture and the investment consists of subscription to a Private Placement in the partner in the joint venture.
Greenbriar originally owned about 12% of the common shares of Captiva Verde when the Captiva Verde common shares listed in 2018. Through subsequent share issuances by Captiva Verde, dilution has brought the Greenbriar holdings down to 7.64%. By purchasing a further 8,000,000 shares, Greenbriar will increase its holdings from its original 10,687,500 common shares to 18,687,500 common shares, or 12.46%, which is close to its original undiluted ownership percentage. Greenbriar expects several of the Captiva projects to substantially monetize in 2021 and therefore considers the investment in the Greenbriar-Captiva Verde JV as a significant accretive value proposition.
About Greenbriar Capital Corp.
Greenbriar is a leading developer of sustainable real estate and renewable energy. With long-term, high impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep valued assets directed at accretive shareholder value.