Viridis prepares to restart plant
Vancouver, British Columbia-based Viridis Energy Inc. has announced the closing of the second tranch of its $5 million nonbrokered private placement. It consisted of 20 million units priced at 10 cents per share. The first tranch closed earlier this year.
The proceeds of the private placement will primarily go towards capital expenditures and operating expenses associated with the company’s Scotia Atlantic Biomass Co. Ltd. pellet plant. Viridis acquired the facility last year. The Middle Musquodoboit, Nova Scotia-based facility is expected to become operational this summer, bringing the company’s total annual pellet production capacity to 180,000 metric tons.
Viridis is also studying expansion alternatives for the Okanagan Pellet Co. plant it owns in Kelowna, British Columbia.