Greenbriar Capital Corp. Announces Shareholder Approval for Qualifying Transaction

TSX-V symbol: GRB.P

VANCOUVER, Sept. 12, 2011 /CNW/ - (TSX.V - "GRB") Greenbriar Capital Corp. (the "Company"), a capital pool company, is pleased to announce that Shareholders have approved the proposed Qualifying Transaction comprising the arms length acquisition of approximately 160 acres of vacant land (the "Property") located in the City of Tehachapi, California. The Company has advanced an additional non-refundable deposit of $25,000 to Marks & Kilkenney, LLC (the "Vendor"), a California limited liability company, of Woodland, California and now expects to close the acquisition not later than September 27, 2011 by paying to the Vendor the balance of the Purchase Price of approximately US$990,000.

The acquisition of the Property will serve as the Company's Qualifying Transaction for the purposes of the policies of the TSX Venture Exchange (the "Exchange"). The Company has received conditional approval to list as a Tier 2 issuer on the Exchange, subject to confirmation that the Company meets the initial listing requirements of a real estate issuer. Upon completion of the Qualifying Transaction, the Company will be a "land development" company, whose business will be to acquire raw parcels of land, conduct all necessary improvements and development activities, then re-sell the land to real estate home builders as zoned developable parcels with tentative tract maps. The Company will complete the acquisition and conduct its operations in the United States through its wholly-owned subsidiary, Greenbriar Capital (U.S.) LLC.

The Property is comprised of an aggregate of 160 acres divided into approximately 689 total lots. The Property's existing use is as vacant land, which land has been rezoned to permit the construction and development of multi-family apartments and / or single family residential homes. The City of Tehachapi is located in the Tehachapi Pass, a mountain pass located in southern California. The pass connects San Joaquin Valley to the Mojave Desert. It is located approximately 56 kilometres southeast of Bakersfield, California. With over 5,000 wind turbines, the Tehachapi Pass area possesses the largest collection of wind turbines in the world producing over 1,400 megawatts of electrical power.

Concurrently with the Qualifying Transaction, the Company will be completing a non-brokered private placement (the "Offering") of up to 4,100,000 common shares at a price of $0.50 per common share for gross proceeds of up to $2,050,000. The Company will use the net proceeds of the Offering to pay the balance of the Purchase Price, to fund the Company's business plan, to pay for the costs of the Qualifying Transaction and for general working capital. The revised terms of the Offering will result in a reduction in the amount of unallocated working capital for the Company to approximately $600,000 from that originally contemplated. Closing of the Offering is also expected to occur on or about September 27, 2011.

PI Financial Corp. ("PI") is acting as the Company's sponsor for the Qualifying Transaction. Pursuant to its engagement, the Company will pay PI a sponsorship fee of $40,000 (plus HST). In addition, and as compensation for advisory services to be provided in connection with the Offering, the Company will pay PI a cash commission of 7% of the gross proceeds of the Offering and further agrees to grant PI an option to acquire such number of common shares of the Company equal to 7% of the aggregate number of common shares sold pursuant to the Offering at a price of $0.50 per common share for a period of two years from the closing date of the Offering. In addition, the Company will pay PI the customary costs and expenses associated with sponsorship transactions.

Directors elected at the Annual General Meeting are Jeffrey J. Ciachurski, the Company's President, Chief Executive Officer, and Secretary, V. John Wardlow, Claus Andrup, and Michael Boyd. Mr. Kevin Craig is the Chief Financial Officer of the Company.

Completion of this transaction remains subject to a number of conditions, including but not limited to, final Exchange acceptance and completion of the Offering. There can be no assurance that the transaction will be completed as proposed or at all. Trading in the securities of a capital pool company prior to completion of its Qualifying Transaction should be considered highly speculative.

Shareholders have also approved the transfer of the Company's listing to the NEX Board of the Exchange in the event the Company does not successfully conclude a Qualifying Transaction on or before October 6, 2011 or such earlier date as the Exchange may require.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.



Jeffrey J. Ciachurski
President, Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

SOURCE Greenbriar Capital Corp.

For further information:

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