Vega Biofuels completes funding
Mar. 26, 2012, Norcross, GA - Vega Biofuels Inc. has announced the Company has completed an interim funding package that will help fund the design and engineering associated with its South Georgia bio-coal manufacturing plant.
March 26, 2012 By Marketwire
Mar. 26, 2012, Norcross, GA – Vega Biofuels Inc. has
announced the Company has completed an interim funding package that
will help fund the design and engineering associated with its South
Georgia bio-coal manufacturing plant.
The Company recently announced plans to build a green-energy
manufacturing plant in Cordele, Georgia that when completed, will
manufacture bio-coal from timber waste. The bio-coal will be made using
special technology called "torrefaction."
"We've been working with a small group of existing
shareholders the past few months to put together a funding package that
will help us with expenses associated with the construction of the
plant," stated Michael K. Molen, Chairman/CEO of Vega Biofuels. "This
helps tremendously. Things are moving at a very fast pace now and these
funds will help us move to the next level much more quickly. The package
is designed as a Line of Credit and we are set to receive the first
draw in April. The LOC is secured by Promissory Notes and does not
dilute the Company's securities. I'm very proud that our shareholders
have been so supportive of our efforts. We will have more news about the
plant in the next few days."
Torrefaction is a partial carbonization process that takes
place at temperatures between 475 – 575º in a low temperature
environment which makes the physical and energetic properties of the
biomass much more comparable to traditional coal. The biomass is then
compressed into briquettes to be sold to the end user. Torrefaction has
the added benefit of reducing or eliminating undesirable volatiles, such
as nitrous oxides and sulfur dioxides and is considered carbon neutral
to the environment.
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