International Land Alliance, Inc. completed the acquisition of remaining 75% stakes in Rancho Costa Verde Development, LLC for for $13.5 million.
December 28, 2022
Share
International Land Alliance, Inc. (OTCPK:ILAL) executed a Binding Letter of Intent to acquire remaining 75% stakes in Rancho Costa Verde Development, LLC for $13.5 million on July 28, 2022. A definitive agreement is expected to be completed on or before August 15, 2022.The transaction is expected to close this transaction by the end of September 2022. As of October 26, 2022, International Land Alliance expects to close this acquisition by November 3, 2022.
International Land Alliance, Inc. (OTCPK:ILAL) completed the acquisition of remaining 75% stakes in Rancho Costa Verde Development, LLC on December 29, 2022. The deal value of $13.5 million paid through a combination of a promissory note of $8.9 million, and 20,000,000 shares of the company's common stock and warrants to purchase 33,000,000 shares of the company's common stock worth of $4.6 million. For legal and accounting purposes, the International Land Alliance has set an effective closing date of January 1, 2023, thereafter operating as a wholly-owned subsidiary.
International Land Alliance, Inc. is a residential land development company. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building lots, securing financing for the purchase of the lots, improving the propertiesâ infrastructure and amenities, and selling the lots to homebuyers, retirees, investors and commercial developers. Its properties include the Oasis Park Resort in Baja California, the Valle Divino project in Ensenada, Baja California, the Rancho Tecate Resort, the Bajamar Oceanfront Golf Resort and Emerald Grove estates. The Oasis Park Resort is a real estate community located south of San Felipe. The Valle Divino project comprises approximately 137 residential lots and three commercial lots. The Bajamar Oceanfront Golf Resort is a golf community.