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LEC completes acquisition of Territory Biofuels Ltd.

February 4, 2014, Vancouver, B.C. - Lignol Energy Corporation is pleased to announce that it has closed the transaction previously announced to acquire all of the current outstanding and issued ordinary shares of Territory Biofuels Limited, increasing its ownership of TBF from 55% to 100%.


February 4, 2014
By Canada Newswire

February 4, 2014, Vancouver, B.C. – Lignol Energy
Corporation is pleased to announce that it has closed the transaction previously
announced to acquire all of the current outstanding and issued ordinary shares
of Territory Biofuels Limited, increasing its ownership of TBF from 55% to
100%. TBF owns the largest biodiesel
plant in Australia with an annual capacity of 140 million litres with plans to
re-start operations in the latter half of 2014. 

LEC acquired all of the 4,771,367 outstanding ordinary TBF
shares owned by other TBF shareholders, in exchange for the issue of 2.5 LEC
common shares for each TBF ordinary share, resulting in the issue of an
additional 11,928,419 common shares of LEC.

As of the closing of the transaction, the total number of
LEC issued and outstanding shares is 164,019,087 (227,992,425 on a fully
diluted basis) and TBF is now a wholly owned subsidiary of LEC.

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