Lignol takes 40 percent equity position in Territory Biofuels
Lignol Energy Corp. announced that the convertible notes held by the company and issued by Territory Biofuels Ltd. have been converted into a 40 percent fully diluted equity stake in TBF. LEC is now the largest shareholder in TBF, which owns a 150 MMly (39.6 MMgy) biodiesel plant and glycerin refinery located in Darwin, Australia. In conjunction with this transaction, two LEC executive officers and directors, Ross MacLachlan and Stephen Morris, have been appointed directors of TBF with MacLachlan assuming the role of Chairman of TBF.
“On the heels of our recent investment in TBF and our previously announced technology collaboration, we plan to work with TBF to finance the restart of this world-class facility and to capitalize on current global trends that appear to indicate increasing demand and profit margins for biodiesel,” MacLachlan said.
On March 11, LEC announced it had subscribed for convertible notes with a principal value of $1.2 million issued by TBF, and signed a technology collaboration agreement (TCA) that included a package of technical and further assistance to aid in the restart of TBF’s plant. The terms of the notes provided for conversion into an equity position for LEC of between 20 percent and 40 percent in TBF, depending on a range of criteria related to the development of the Darwin facility. The terms of the TCA provide for technical assistance from Lignol and its partners with respect to both the restart of the facility and the potential integration of new pretreatment technologies and catalysts to facilitate the processing of a broad range of low-cost feedstocks.
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