ABCT Doubles Investment in Rocky Mountain GTL Inc.
Calgary, Alberta--(Newsfile Corp. - May 3, 2019) - Alberta Clean Technologies (VCC) Ltd. (ABCT) today announced its second tranche equity investment in Rocky Mountain GTL Inc. (RMGTL), bringing ABCT's total amount invested to $6 million. This represents a 14% equity stake in RMGTL. ABCT can invest up to $10 million every two years into RMGTL under the Investing in a Diversified Alberta Act (Act).
RMGTL's first commercial plant is under construction in Carseland, Alberta. It is scheduled to be manufacturing 25 million litres per year of high performance synthetic fuels in the second half of 2019.
"Our patented EGTL™ carbon-efficient process produces high-performance, cleaner-burning, zero-sulphur synthetic diesel, naphtha, marine and jet fuel that can be used in Canada or worldwide," notes Steve Kresnyak, Petroleum Engineer and Chief Technology Officer of RMGTL. "Using either raw or pipeline quality natural gas and natural gas liquids as feedstock results in low-emission fuels at lower cost than conventional fuel sources."
To date, ABCT has raised $7.5 million in common share equity to invest in Alberta based clean energy technology companies under the Act. Individuals investing in ABCT receive a 30% tax free Alberta Investment Tax Credit (AITC) for the first $200,000 invested annually up to a 5 year maximum of $1 million, which can be applied to reduce taxes payable or taken as a cash refund if no taxes are payable. The investment also qualifies for an RSP, RIF or TFSA. Corporate investors resident in Alberta may use the AITC to reduce Alberta taxes payable with no specified maximum, but cannot receive a cash refund. All current investors qualified under NI 45-106 prospectus exemptions.
About Alberta Clean Technologies (VCC) Ltd.
Alberta Clean Technologies (VCC) Ltd. (ABCT) was founded in June 2018 as a venture capital corporation (VCC) under the Investing in a Diversified Alberta Act. ABCT provides capital to Alberta small businesses doing research, development or commercialization of proprietary clean energy technologies, products or processes. ABCT is not a reporting issuer in any jurisdiction. See www.abct.ca for more information.
This press release is for information purposes only. It is not, and under no circumstances should be construed as, a solicitation or invitation to purchase, or advertisement for ABCT Common Shares. No securities regulatory authority in Canada has assessed the merits of the ABCT Common Shares or reviewed this press release. Any representation to the contrary is an offence.
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