Blue Horizon Industries Inc. (CNSX: BH) has confirmed that its subsidiary Blue Horizon Bio-Diesel Inc. and its partner Cielo Gold Corp. (CNSX: CMC) have closed their previously announced asset purchase agreement.
Cielo has purchased certain assets and liabilities of Blue Horizon Bio-Diesel for $4.5 million. The purchase price will be paid through the issuance of common shares in Cielo.
Don Allan, president and CEO of Blue Horizon Industries, said the deal will help commercialize Blue Horizon Bio-Diesel’s interest in green renewable-diesel plants.