Further to the update on 1 February 2019, on the proposed sale of the Group's wholly-owned subsidiary, PT Biogas Holdings Limited, trading as Greenlane Biogas (“Proposed Sale”), to Creation Capital Corp (TSX-V: CRN.P), a capital pool company listed on the TSX Venture Exchange (“TSX-V”), we are pleased to report that the conditional Sale and Purchase Agreement (“SPA”) was signed today and the process to spin-out Greenlane Biogas and list the business on TSX-V, via the sale to Creation Capital is moving towards completion.
Completion of the Proposed Sale is conditional upon Creation Capital executing a successful Private Placement and securing approvals from TSX-V, both of which it is in the process of finalising.