(MENAFN- ProactiveInvestors)
(ASX:FOY) formerly has advised that acquiree company Integrated Green Energy (IGE) has executed a non-binding agreement with a U.S. company to provide technology for construction of a Waste Plastics to Fuel facility in Houston Texas.
The facility is being planned to process 1500 tonnes per day of waste plastics.
All rights and responsibilities for the facility will transfer to Foy on successful completion of the IGE acquisition.
Foy is acquiring IGE for 130 million shares and 75 million options exercisable at $0.20 at any time on or before 31st December 2019.
A further 15 million shares and 70 million shares are payable on achieving certain milestones.
Besides the royalty-free perpetual licences to commercialise the plastics to fuel conversion; biomass to fuel conversion; and biomass to energy conversion technologies the acquisition includes the Berkeley Vale waste plastics to diesel and petrol conversion plant located 100 kilometres north of Sydney.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.