Northcore intends to buy Blue Horizon renewable diesel demo plant
Northcore Technologies Inc., a global provider of asset management and social commerce solutions, announced the signing of a letter of intent (LOI) with Cielo Gold Corp. to purchase certain assets that include the Blue Horizon Bio-Diesel demonstration plant and related intellectual property, that are now producing renewable green diesel fuel from municipal solid waste.
Under terms of the LOI, Northcore will purchase the assets in exchange for the issue of common shares of Northcore equivalent to a 48 percent ownership position in Northcore. Northcore will receive a 50 percent share of the profits resulting from commercialization of the renewable diesel assets, which include new production plants that will be financed by Cielo.
Closing of the transaction is subject to the completion of a definitive asset purchase agreement and related due diligence, execution of closing documentation, plus applicable TSX, regulatory and shareholder approvals. Northcore has called a shareholder meeting on July 23 to approve the proposed transaction.
The President of Blue Horizon Bio-Diesel, Don Allan, has been appointed as CEO of Northcore and to its board of directors.
“The quality of our renewable diesel has exceeded original expectations,” Allan said. “We are clearly focused on building value for shareholders, through the business growth potential of our innovation as the first high quality renewable diesel producer in Canada.”
“We have a long history of developing best-in-class technology and see the benefit of positioning within the CleanTech sector for sustainable growth,” said Chris Bulger, chairman of Northcore Techologies. “We welcome the leadership of Don Allan and look forward to the commercial benefits of our technology licensing agreement with Cielo.”
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