Mr. Jeffrey Ciachurski reports
CAPTIVA VERDE ANNOUNCES DOCUMENTATION OF SAGE RANCH ENVIRONMENTAL IMPACT REPORT AND PRIVATE PLACEMENT
Captiva Verde Land Corp. has received 4-0 approval from the Planning and Zoning Commission in California for its 1,042-unit $350-million subdivision. The company and its joint venture partner, Greenbriar Capital Corp., are in advanced discussions with the U.S. Air Force to lease the 1,042 units to the military for the members and families of its civilian, military and contractor work force at the Edwards Air Force base and related facilities.
Once completed, Sage Ranch will comprise 1.7 million finished square feet of eight different housing types and, if leased to the USAF in its entirety, generate between $850,000 to $1.7-million per month in discretionary posttax cash flow for the JV.
To pay for the completion of the engineering work, Captiva has negotiated a fully subscribed private placement of three million units at 20 cents per unit. Each unit comprises one share and one-half share purchase warrant, enabling each full warrant to buy an additional share at 35 cents per share for a period of 12 months. The issuance is subject to regulatory approval and will have a four-month hold period.
We seek Safe Harbor.
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