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In response to the near-term disruptions caused by this crisis, we revised the deal with the prior owner, as well as the bank financing. "The deal took longer to close than initially anticipated, primarily due to the onset of the COVID-19 pandemic. "We are very pleased to announce the completion of the acquisition of Aggieland Safari," commented Dale Van Voorhis, Chairman & CEO. The seller note represents a deferred payment of the purchase price, bears no interest, has a maturity date of Jand is secured by a second priority subordinated lien and security interest in the acquired mineral rights and the animal inventory.
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The Bank Note bears interest at a rate of 5.0% per annum, has a maturity date of April 27, 2031, with interest only payable monthly through April 2021. (the "Bank Note"), which is secured by substantially all the acquired assets, as well as guarantees from Parks! America, Inc. The bank debt was financed by a promissory note from First Financial Bank, N.A. The transaction was financed with a combination of new bank debt totaling $5,000,000, a seller note for $750,000 and cash totaling $1,375,000. The total purchase price for Aggieland was $7,125,000. The acquisition was completed through Aggieland-Parks, Inc., a newly formed subsidiary of Parks! America, Inc. Aggieland Safari is situated on 250 acres of a 450-acre property, located in Bryan, Texas, approximately 25 miles northeast of College Station and 120 miles northwest of downtown Houston. ("Aggieland"), primarily the Aggieland Safari Adventure Zoo and Safari Park ("Aggieland Safari"). (OTCPink: PRKA) (the "Company" or "Parks! America"), is pleased to announce that effective April 27, 2020, it has acquired substantially all the assets of Aggieland Safari, Inc. PINE MOUNTAIN, Ga., Ap/PRNewswire/ - Parks! America, Inc.