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UHA Update On Balzac Financing

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Published: February 2, 2011 7:08 pm ET

Last Comment: February 3, 2011 7:15 pm ET | 1 Comment(s) | Jump to Comments

The United Horsemen of Alberta (UHA) announced that it is in final discussions with a joint venture partner to fund the Balzac project in an open letter dated Monday, Jan. 31.

The contents of the letter can be found below in its entirety.


Hello everyone

This is just a quick note to bring everybody up to speed on the status of the February 1st land re-purchase option and UHA financing. We had been waiting until we had something definitive to report – either positive or negative. However, with February 1 arriving we felt it prudent to issue an update message.

We are in final discussions with a tangible, joint venture partner who would bring in the necessary funding to see a 150 room Hotel / Racino / Racetrack built at the Balzac site. Both sides have completed their due diligence and the potential partner is now negotiating funding with their lenders. While nothing has been finalized at this point we remain very optimistic that we will be able to issue something definitive within the next month.

HRA, AGLC, Ivanhoe Cambridge, HBPA and ASHA have been kept up to date with our progress and await the progress of these discussions.

As always your comments and support are very much appreciated.

Yours truly,
Darcy Marler, President
Email: [email protected]
United Horsemen of Alberta

(UHA)

February 3, 2011 - 7:15 pmWe appreciate the update.

We appreciate the update. All though most horsepeople in the province are skeptical about the project, I remain cautiously optimistic. For the good of the industry here in Alberta, I wish you all the luck in getting this project completed. Lord knows we could use the good news for all race owners in ALberta. Keep working Darcy and thanks to all the UHA investors and HRA for their hard work and commitment to getting this done despite the harsh criticisms that were sometimes pointed thier way.


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