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.
About 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.