Cindrigo Energy Announces Investment Agreement with China Energy for the full funding of a 1000 T/D Waste to Energy Power Plant in the Kiev region
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2019) - Cindrigo Energy Ltd ("Cindrigo" or "the Company") is pleased to announce that on July 10, 2019, it entered into an Investment Agreement with China Energy Co. Ltd ("China Energy"), a subsidiary of China Energy Engineering International Co. Ltd), relating to the purchase of share capital by China Energy in a special purpose vehicle (the "Project Company"), a wholly owned subsidiary of Cindrigo. Under the terms of the Agreement, China Energy will provide funding in the amount of €160,000,000.00 ("Total Project Cost") for the building of a Waste to Energy Plant in Ukraine, in exchange for 80% of the share capital the Project Company. The Agreement also includes provisions relating to minority shareholders including non-dilution.
Deed of Agreement
On July 10, 2019, the Company also entered into a Deed of Agreement with China Energy, whereas Cindrigo will hold 20% of the share capital of the Project Company with a buyback option for the re-purchase 31% of the total share capital of the Project Company after the completion of the Project, resulting in an eventual 51% ownership of the total share capital of the Project Company by Cindrigo.
About Cindrigo Energy Ltd.
Cindrigo Energy Ltd. is engaged in the development of high quality, clean, renewable energy utilizing Waste to Energy ("WtE") and biomas energy ("Biomas") projects. WtE and Biomas technologies consists of any waste treatment process that creates in the form of electricity, heat or transport fuels (e.g. gas and diesel) from a waste source.
For further information please contact:
Mustaq A Patel
+1 (646) 419 3152
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.
The use of any words such as ""will", "expected", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct. By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, the Company will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements.
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