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ReGen III: bp Contract Extension Granted
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - ReGen III Corp. (TSXV: GIII) ...
About this update from Regen Iii Corp
[{"type":"text","content":"ReGen III: bp Contract Extension GrantedVancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (\"ReGen III\" or the \"Company\") is pleased to provide the following updates regarding its Sale, Purchase and Marketing Agreement with bp.On May 1, 2021, bp signed a Sale, Purchase and Marketing offtake agreement with ReGen III for the purchase of one hundred percent (100%) of the Company's base oils produced at its proposed 5,600 bpd used motor oil recycling facility in Texas. Section 13.3(b) of this contract required ReGen III to close project financing by December 31, 2021 (the \"Financial Closing Date\"). In December 2021, bp agreed to extend the Financial Closing Date from December 31, 2021, to June 30, 2022.bp is aware of the considerable progress being made by ReGen III on both the financing and engineering fronts for the Company's proposed Texas recycling facility. Due to the status of the negotiations with multiple potential funding partners, the ongoing due diligence processes and the timeline for completion of FEL-3, bp has agreed to:Extend the Financial Closing Date by nine (9) months from June 30, 2022, to March 31, 2023.About ReGen IIIReGen III is a cleantech recycling company creating more sustainable solutions that include better environmental outcomes and compelling economics. Last year, ReGen III engaged Koch Project Solutions, LLC (\"KPS\") to provide project execution management services leading up to the turnkey delivery of its new facility in Texas whereby, KPS will lead ReGen III's world class engineering, construction and licensed vendor teams (PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies) through the completion of detailed design, construction, commissioning, and start-up. ReGen III has already signed a definitive offtake agreement with bp to purchase 100% of the Company's base oils produced at the proposed Texas recycling facility.For more information on ReGen III or to subscribe to the Company's mailing list, please visit: https://www.relaymedical.com/news www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription. For further information, please contact:Kimberly HedlinVice President, Corporate FinanceTel.: (403) 921-9012Email: [email protected] the TSX Ventu...