This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LEC Varies The Terms Of Its Investment In Territory Biofuels Limited, Owners Of The Largest Biodiesel Plant In Australia

VANCOUVER, Sept. 30, 2013 /CNW/ - Lignol Energy Corporation (TSXV: LEC) ("LEC" or the "Company"), a leading technology company in the advanced biofuels and renewable chemicals sectors, today announced that the Company has agreed to vary the terms and conditions of its existing loan to Territory Biofuels Limited ("TBF") in the amount of A$500,000 (the "Loan") and LEC's recently announced investment (the "Investment") in TBF of up to A$1,000,000.

The Company and TBF have agreed that the Loan and the Investment amounts will be applied to the subscription for secured convertible notes (the "Notes") of TBF, in the aggregate amount of up to A$1,500,000. In accordance with its previous Investment commitment, LEC has provided funding to TBF totaling A$500,000 and is in the process of providing the opportunity to existing TBF investors to subscribe for the remaining A$500,000 worth of Notes. Existing investors of TBF may subscribe for these Notes on the basis of their proportionate entitlement and LEC has agreed to fund any amounts not subscribed by these existing shareholders and to close this transaction no later than November 15, 2013.  The closing of this entire transaction is subject to regulatory approval.

Each of the Notes is convertible into ordinary shares of TBF after June 30, 2014 and at any time up to November 15, 2018. The Notes are interest free, due if not converted on December 15, 2018 and are secured by TBF's assets. The terms for the conversion of the Notes into TBF equity depends on a range of criteria related to the development of the Darwin facility amongst other matters, the outcome of which are expected to be known by June 30, 2014.

Upon completion of the Investment, and the conversion of all the Notes, LEC is expected to increase its majority holding up to potentially between 76% and 87% of the issued and outstanding shares of TBF, and up to potentially between 75% and 86% on a fully diluted basis, assuming no other existing investors participate in this investment opportunity.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs