DAILY NEWS Jan 2, 2014 10:41 AM - 0 comments

Lignol Energy posts $3.9 million quarterly loss

TEXT SIZE bigger text smaller text
By: HazMat Staff
2014-01-02

On December 10, 2013 Vancouver-based biofuels and renewable chemicals company Lignol Energy Corporation (LEC) announced its unaudited consolidated financial results for the three months and six months ended October 31, 2013.

During the quarter, LEC secured an increase in its credit facility to $12.5 million and made further steps to consolidate its shareholding in Territory Biofuels Limited. LEC also completed further due diligence in respect of an investment in Neutral Fuels Parent Company and its subsidiary Neutral Fuels (Melbourne) Pty Ltd., and completed the first phase of its investment on November 12, 2013. Neutral Fuels intends to roll-out a biodiesel program for the APMEA region in conjunction with McDonald's restaurants.

Highlights

LEC replaced its $6.25 million credit facility with Difference Capital Financial Inc. with a secured revolving credit facility of up to $12.5 million in August 2013

Agreed to provide TBF with further funding of up to an additional A$1 million which could have the potential to increase LEC's investment to up to approximately 87% non-diluted and 86% on a fully diluted basis

Reported a loss of $3.9 million for the current quarter compared to a loss of $2.6 million for the comparable quarter last year

Reported a comprehensive loss for the quarter of $7.3 million as a result of an unrealized loss of $3.4 million arising from a decrease in the market value of LEC's investment in Australian Renewable Fuels

Subsequent Event Highlights

  • Completed funding of A$2.0 million to acquire a 20% equity stake in Neutral Fuels and a 51% interest in Neutral Fuels Melbourne

 For the full financial statement, please click here.



Horizontal ruler
Horizontal Ruler

Post A Comment

Disclaimer
Note: By submitting your comments you acknowledge that Hazardous Material Magazine has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Your Name (this will appear with your post) *

Email Address (will not be published) *

Comments *



* mandatory fields

Multimedia Center


Current IssuePrint Archives

Digital Edition
In-depth analysis of current issues related to environmental performance,emergency response, safety and waste management.

Go To: Digital Edition
Go To: Print Archives
Go To: Subscribe




Classifieds
Go To More Classified Ads


Sponsors