Blue Horizon sells bio-diesel subsidiary

Red Deer-based Blue Horizon Industries Inc. (CNSX:BH) has announced that its subsidiary Blue Horizon Bio-Diesel Inc. has entered into an agreement with Cielo Gold Corp (CNSX: CMC).

Red Deer-based Blue Horizon Industries Inc. (CNSX:BH) has announced that its subsidiary Blue Horizon Bio-Diesel Inc. has entered into an agreement with Cielo Gold Corp (CNSX: CMC).

Under the deal, Cielo will buy certain assets and liabilities of Blue Horizon Bio-Diesel for $4.25 million, with this amount payable in the form of two convertible debentures issued by Cielo. Each debenture will be payable in cash or common shares of Cielo.

Don Allan, president and CEO of Blue Horizon Bio-Diesel, has agreed to be appointed CEO of Cielo upon closing of the agreement, and to serve on the board of Cielo. Closing is expected on March 29.

Blue Horizon Bio-Diesel’s assets include a renewable fuel oil demonstration plant that is being assembled and is expected to be ready for operation later this month. A release issued by Blue Horizon Industries said Cielo intends to complete upgrades to produce a low-sulphur highway-grade diesel that will meet Canada’s mandated two per cent renewable content for diesel.

It added that Cielo hopes to begin commercial production of renewable diesel in 2013, using municipal waste and used oil.

Just Posted

Red Deer council says ‘yes’ to Riverside Meadows upgrades, ‘no’ to fence at CP Rail Bridge

Fence will cause social problems to move elsewhere, says Coun. Lee

Highway 2/Gaetz Avenue interchange is now open

Work began on the $80-million interchange in 2016

Witness testimony delayed until Tuesday in Red Deer murder trial

Jury dismissed on Monday morning while evidence issues discussed

Failing Kinex Arena will need replacement soon: city manager

Red Deer’s capital budget talks start amid gloomy forecasts

Curlers’ behaviour ‘unacceptable’ and ‘disrespectful’ at Red Deer Curling Classic

‘You don’t kick around other players’ bags, it’s disrespectful and we expect better of our players’

Tkachuk, Gaudreau lead Flames over Golden Knights with career highs

Flames 7, Golden Knights 2 CALGARY — Matthew Tkachuk and Johnny Gaudreau… Continue reading

Death of young Thai kickboxer brings focus on dangers

BANGKOK — The sight of two preteen boys pummeling each other with… Continue reading

Teenage driver survives spectacular crash at F3 Macau GP

MACAU — Teenage driver Sophia Floersch was set to undergo surgery Monday… Continue reading

David’s Bridal files for bankruptcy, but your order is safe

David’s Bridal is filing for bankruptcy protection but there is no danger… Continue reading

Taiwan president defends pro-independence film award winner

BEIJING — Taiwan’s president expressed her support for the prestigious Golden Horse… Continue reading

Pamela Anderson calls Australian PM’s comments ‘smutty’

LOS ANGELES — Pamela Anderson is criticizing Australia’s prime minister for making… Continue reading

Trump on Khashoggi death tape: ‘No reason for me to hear it’

WASHINGTON — President Donald Trump said there is no reason for him… Continue reading

Searchers in California fires step up efforts ahead of rain

CHICO, Calif. — Searchers combing a Northern California town levelled by a… Continue reading

Most Read