August 27, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — ProGreen Properties, Inc. (OTCBB: PGEI) said it has entered into a $2.5 million equity line financing deal with Leaddog Capital LLP, New York. The financing is in the form of an equity line of credit, extending over a period of up to 24 months. A maximum of ten million shares will be registered for the financing, according to ProGreen.

ProGreen said that the financing is subject to the company’s filing of a registration statement with the Securities and Exchange Commission for the financing, and the registration statement being declared effective by the commission.

Jan Telander, CEO of ProGreen, said that the financing will bring cash funds into the company at a comparatively low cost and enable ProGreen to increase the ability to further ramp up the investment strategy in new acquisitions.

Telander added that the financing will also enable ProGreen to increase the free-float of its stock in the market place, which it thinks should gradually create more liquidity, with the company still retaining control of the number of shares to be issued.

Michigan-based ProGreen Properties is engaged in the business of acquiring, refurbishing and upgrading potential income-producing residential real estate. ProGreen said it believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.

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