Canadian biochar project gets new chance at life

In Canada, Petrox Resources Corp. has entered into a non-binding letter of intent to acquire all of the shares of M&L Renewable Technology International Ltd (“M&L”), a private Alberta corporation.

M&L is a private company incorporated under the laws of Alberta, Canada, on June 6, 2019. M&L, working alongside M&L Renewable Energy Group Ltd. (“MREG”), is pursuing the development of biochar production and power generation facilities. Initially, it plans to build a biochar facility with an annual production capacity of 3,650 metric tons and a 1.58 MW power generation facility, if feasible, for a total estimated capital investment of C$5,728,000 (C$3,473,000 for the biochar facility and C$2,255,000 for the power generation facility) in Edmonton, Alberta. M&L is arm’s length to Petrox. The Corporation had been inactive until it was reorganized in September 2023 and has only recently commenced operations. The Corporation intends to provide a comprehensive press release with respect to the Proposed Transaction after due diligence has been completed. Financial information with respect to M&L will be provided in the comprehensive press release.

Petrox and MREG previously entered into a Memorandum of Understanding dated September 5, 2023 with respect to their mutual cooperation on a biochar project, which was announced by Petrox in its press release dated September 7, 2023. M&L is the successor in interest to MREG with respect to the biochar project and now holds the rights to the biochar project. The MOU was terminated concurrently with the execution of the LOI.