Business
EverGen Infrastructure Corp. Announces Sale of Real Property by Fraser Valley Biogas Ltd.
EverGen Infrastructure Corp. (“ EverGen ” or the “ Company ”)...
About this update from Evergen Infrastructure Corp.
[{"type":"text","content":"EverGen Infrastructure Corp. Announces Sale of Real Property by Fraser Valley Biogas Ltd.\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n EverGen Infrastructure Corp. (“\n \n EverGen\n \n ” or the “\n \n Company\n \n ”) (TSXV: EVGN) announces that Fraser Valley Biogas Ltd. (the “\n \n Vendor\n \n ”), a subsidiary of the Company, entered into a purchase and sale agreement (the “\n \n Agreement\n \n ”) with 2065947 Alberta Ltd. and James Betts (collectively, the “\n \n Purchasers\n \n ”) in connection with the disposition of the land on which the Fraser Valley Bio Gas Project operates (the “\n \n Property\n \n ”) for a total purchase price of $2,620,000.00 (the “\n \n Transaction\n \n ”). In connection with the purchase of the Property, the Vendors will enter into a long-term lease with the Purchasers for the portion of the Property on which the project operates.\n \n\n Pursuant to the Agreement, the Purchasers paid $1,750,000 to the Vendor at closing of the Transaction, with the remaining $870,000 (the “\n \n Deferred Amount\n \n ”) to be paid on a deferred basis.\n \n\n The Vendor shall have the right to elect to repurchase the Property on the fifth anniversary of the closing date of the Transaction at the greater of the original purchase price or the fair market value of the Property on terms substantially similar to those set forth in the Agreement. The Vendor will enter into a long-term lease back for the portion of the property on which the project operates (the “\n \n Lease Back Agreement\n \n ”). Until the Deferred Amount is paid, the Vendor will pay reduced rent under the Lease Back Agreement.\n \n\n As James Bett’s is the Chief Operating Officer of the Company, the Transaction involves a Non Arm’s Length Party (as such term is defined under the polices of the TSX Venture Exchange) and constitutes a “related party transaction” under Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (“\n \n MI 61-101\n \n ”). The Company intends on relying on the exemption from the valuation requirement pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and f...