Stock Deal to Focus on Biofuel Production in Dominican Republic
September 4, 2013Press release: http://www.marketwire.com/press-release/terreno-resources-corp-acquire-dominican-renewables-inc-focus-on-biofuel-production-tsx-venture-tno-1824951.htm
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Canadian mining exploration and development company Terreno Resources has signed a memorandum of understanding with Dominican Renewables, Inc. (DRI) toward share acquisition that will focus on biofuel production in the Dominican Republic.
The deal, worth around $2.5 million, would make DRI a wholly-owned subsidiary of Terreno, which will then concentrate on biofuel production in the Dominican Republic region while also expanding local mineral exploration projects.
The Santo Domingo-based DRI anticipates initial biofuel production in early 2014 with full production planned for 2015. The planned project with currently secured land for feedstock production can generate yearly up to 10 million gallons of biodiesel.
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