GESI - Railroad ties energy project about to take off ! GESI Completes Escrow Milestone for Plant Funding by Private Escrow Capital Raise
Last update: 8/10/2012 9:00:02 AM
VANCOUVER, British Columbia, Aug 10, 2012 (BUSINESS WIRE) -- Green Energy Solution Industries, Inc. (pinksheets:GESI) announced today that it has reached a milestone for its funding source for the capital investment of money for the state of the art renewable energy plant in Alberta Canada, by recently achieving the raise of escrow money required for the funding through a private raise from parties through investment from private parties.
Per the agreement with InREFCo for the funding, GESI made the raise of necessary capital for placement into escrow to further make the delivery of funds from the source for the $45 million plant in accord with the funding plan. GESI was able to raise the necessary escrow clearance funds through private placement of restricted shares to long term investors. The funds will be held in escrow under the capital investment agreement until delivery terms and delivery of the first funds occurs. Under the agreement with InREFCo, the full funding terms have been met for the guarantee terms and provision of funding as previously announced by GESI.
GESI expects that there will be announcement in the short term of funding and timeline for the plant build out utilizing waste rail ties.
SOURCE: Green Energy Solution Industries, Inc.
Green Energy Solution Industries, Inc.
David Zembeck, 615-426-2565
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