Completion of a $16.5 million non-brokered private placement equity financing (the “
Financing“);
Acquisition“), which owns a biodiesel facility in Alberta (the “
Biodiesel Facility“); and
CWB“) providing for a credit facility with $7 million of borrowing capacity.
With completion of the Transactions, Canary will leverage the best of Western Canadian expertise in both agriculture and energy to create an industry leading biodiesel production company. Canary will use proceeds from the Financing to convert the Biodiesel Facility (the “
Conversion“), such that phase 1 of the facility will have capacity to produce 75 million litres of second-generation biodiesel using agricultural waste feedstock. By using waste products, Canary will provide additional sources of revenue to local western Canadian agricultural producers, with the added benefit of producing a high demand energy product that will reduce carbon emissions at scale. Canary intends to have the Biodies