Business
Maple Leaf Reforestation Inc. - Close of Private Placement
(TSX-V: MPE) Shares Issued: 53,806,980 Last Close: 10-27-2007 $0.96
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\n(TSX-V: MPE)\n\n\nShares Issued: 53,806,980\n\n\nLast Close: 10-27-2007 $0.96\n\n\nCALGARY, Nov. 27 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf") is\npleased to announce the closing of a non-brokered private placement raising\n$2,290,000.00 CAD, subject to final approval by the TSX Venture Exchange. As\npreviously announced on October 30, 2007 Maple Leaf's Board of Directors (the\n"Board") approved a placement of up to $3 million of units. Pursuant to the\nprivate placement, Maple Leaf will issue 1,526,667 common shares at $1.50 per\nshare, including 763,333 warrants exercisable at $2.00 for a period of\n2 years. The shares will be subject to a hold period of four months from\nOctober 30, 2007.\n\n\nClosing of the private placement has put Maple Leaf in a position to\nbegin moving forward with the Xinjiang Bio Diesel Project (the "Project").\nMaple Leaf announced the signing of a Memorandum of Understanding ("MOU") in\nrelation to the Project on October 16, 2007. Also previously announced on\nOctober 23, 2007 was the approval of the MOU by Maple Leaf's Board and an\ninitial Project advancement of $370,000.00 CAD. Maple Leaf will be advancing\n$800,000.00 CAD of the funds raised from this private placement to satisfy its\ninvestment obligations for the first operational year of the Project. Maple\nLeaf President and Chief Executive Officer, Raymond Lai is very pleased with\nhow the details of the Project are unfolding and plans to go to China to\nfinalize and execute the contract with the Chinese Government Officials on\nDecember 21, 2007.\n\n\nThe Chinese government has recognized the serious shortage of diesel oil\nand is hoping that Maple Leaf will be able to start the Project as soon as\npossible. The Project is a complete production chain for Bio Diesel production\nin a very large scale. As previously announced, the Project will include the\ndevelopment of a 100,000 tonne processing plant. The Project is expected to\nstart generating revenue after 2 years and, upon execution, will operate for\n70 years.\n\n\nMaple Leaf's primary mission is to provide top quality, value added\nnursery seedlings and modern Canadian tree growing technology to assist China\nin solving its desertification problems. Maple Leaf currently has over\n6,000,000 various types of seedlings under cult...