ProGreen Properties, Inc. signed a letter of intent to acquire American Residential Gap LLC from American Residential Gap ApS for $1.3 million.

ProGreen Properties, Inc. (OTCPK:PGEI) signed a letter of intent to acquire American Residential Gap LLC from American Residential Gap ApS for on December 29, 2015. As on March 8, 2016, ProGreen Properties, Inc. entered into a purchase agreement to acquire American Residential Gap LLC from American Residential Gap ApS for $1.3 million. Under the terms of the agreement, ProGreen Properties will issue 8 million Series B convertible preferred stocks.

ProGreen Properties will also issue 0.44 million Series B convertible preferred stocks to American Residential Fastigheter to payoff the outstanding debt, the remaining debt will be paid in cash.