CALGARY, Aug. 29 , 2017 /CNW/ - Genesis Land Development Corp. ("Genesis") (TSX:GDC) is pleased to announce that the sale of 617 acres of undeveloped non-core lands located near the Hamlet of Delacour, Alberta was completed on August 28, 2017 for the sale price of $5,234,000. These lands were 100% beneficially owned by Limited Partnership Land Pool (2007) (the "Partnership") and were sold to an arms-length third party.
In accordance with a resolution of the limited partners passed on April 25, 2017, the net sale proceeds of $5,024,640 were used to partially pay down a loan to the Partnership. The term of this loan has been extended to December 31, 2017 on similar terms and conditions, and continues to be guaranteed by Genesis.
Genesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).
SOURCE Genesis Land Development Corp.
For further information: Stephen J. Griggs, Chief Executive Office; Wayne King, Chief Financial Officer, 7315 - 8 Street NE Calgary, AB, T2E 8A2, 403-266-0746, email@example.com, www.genesisland.com