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Northstar Announces Execution of Definitive Offtake Agreement with Colas Canada's Subsidiary Mcasphalt Industries for 100% of Liquid Asphalt Production from Empower Calgary Facility
Northstar Announces Execution of Definitive Offtake Agreement with Colas Canada's Subsidiary Mcas...
About this update from Northstar Clean Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Northstar Announces Execution of Definitive Offtake Agreement with Colas Canada's Subsidiary Mcasphalt Industries for 100% of Liquid Asphalt Production from Empower Calgary Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Highlights\n \n \n \n \n \n \n Follows binding term sheet outlining initial five-year term for exclusive sale of 100% of liquid asphalt production from the Empower Calgary Facility\n \n \n \n \n \n \n Northstar's lower carbon liquid asphalt to support McAsphalt in achieving its carbon emissions goals\n \n \n \n \n \n \n Pricing based on an agreed price formula linked to prevailing market prices\n \n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n March 2, 2023\n \n \n /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) (\"Northstar\" or the \"Company\") is pleased to announce that the Company, along with its wholly-owned subsidiary Empower Environmental Solutions Calgary Ltd. (\"Empower Calgary\"), has executed a definitive offtake agreement (the \"Offtake Agreement\") with McAsphalt Industries Ltd. (\"McAsphalt\"), a wholly owned subsidiary of Colas Canada Inc. (\"Colas Canada\"), for a five-year take-or-pay agreement whereby Northstar will sell and McAsphalt will buy, on an exclusive basis, 100% of liquid asphalt production from the Company's planned scale-up facility near\n \n Calgary, Alberta\n \n (the \"Empower Calgary Facility\"). The Offtake Agreement is subject to two conditions precedent: (1) sufficient funding to build the facility, and (2) appropriate permitting having been received to build and operate the facility.\n \n \n \n \n \n \n \n \n \n The key commercial terms of the Offtake Agreement are unchanged from the binding term sheet announced by the Company on\n \n October 6, 2022\n \n , and include:\n \n \n \n \n Term:\n \n Northstar and McAsphalt have agreed to an initial five-year term with automatic three-year renewal options, unless either of the Parties provides 180 days written notice of its intention not to renew.\n \n \n \n Pricing:\n \n The agree...