Globe & MailPretty safe to assume that the decline in SP is due to the very weak markets this morning rather than this NR. GLTA
11:04 AM EDT, 08/22/2022 (MT Newswires) -- Greenlane Renewables Inc. (GRN.TO) reported Monday the second deployment of development capital to a company focused on developing landfill gas-to-renewable natural gas in the US Midwest.
Greenlane, which at last look fell 2.5% in early Monday trading, is deploying $700,000 under a convertible note agreement. The amount will be used to advance the project to construction financing, which is expected in late 2022.
Under the terms, Greenlane has the option to convert the note into an equity interest in the development company in addition to realizing a return of capital.
The project is expected to produce over 250,000 MMBtu per year with total project capital expenditure estimated at $23.0 million.
"We continue to see abundant opportunities in different countries around the world to add incremental value to project developers by providing development capital to accelerate RNG projects to the ready for construction phase," Greenlane President and CEO Brad Douville said.
"Our aim is to help de-risk projects and build scale in RNG origination, while securing Greenlane system sales and services and new long-term recurring revenue for Greenlane as the industry continues to expand."
Price: 0.78, Change: -0.02, Percent Change: -2.50