The international land investment and development company International Land Alliance Inc (OTCMKTS:ILAL) was one of the companies to have come into the news cycle yesterday following a major announcement. The company announced yesterday that it had been successful in closing the acquisition of the reminder of the 75% stake in the Rancho Costa Verde Development LLC.
Trading Data
On Thursday, ILAL stock moved up 3.60% to $0.1150 with more than 183.70K shares, compared to its average volume of 68.50K shares. The stock moved within a range of $0.1100 – 0.1350 after opening trade at $0.1100.
International Land Alliance Announces Closing on the Remaining 75% Interest in Rancho Costa Verde Development, LLC
The company paid $13,500,000 for the deal and the payment was made through a combination of common stock purchase warrants, promissory notes and common stock. The effective date of closure of the transaction has been set by the company for January 1, 2023 and once it is closed, Rancho Costa will operate as a fully owned subsidiary unit.
Rancho Costa Verde Development is actually a planned and profitable development that stretches an area of 1100 acres and is located in Baja California. Up until now, Rancho Costa Verde Development has managed to sell as many as 1000 residential lots and been successful in building a total of 55 homes for single families. It should be noted that at this point in time an additional 34 homes under construction. It remains to be seen if the International Land Alliance stock manages to get any traction today.
