Recent Developments
On March 17, 2021, the Company was unofficially informed by EDC that the Senior Credit Facility funds remain intact and available to the Company. EDC also informed the Company that EDC was willing to complete preliminary due diligence to structure a term sheet proposal for the USGC Facility. The Company was notified on April 22, 2021 by EDC that their review of the approval process is advancing well, and the Company is supplying additional due diligence materials to EDC for review by the Trade Law Bureau within Global Affairs Canada. The required equity is to be fully contributed prior to the first disbursement of the Senior Credit Facility. To date, the Company has contributed approximately $11 million to the Alberta Facility.
On February 3, 2021, the Debt Settlement Arrangement was approved by the Exchange and the $200,250 in debt was settled on at a price of $0.39 per Common Share.
On April 12, 2021, the Company secured two Chemical Abstracts Service (“CAS”) registry numbers for its Group II+ and Group III base oil products. A CAS number is a unique numerical identifier assigned by the CAS to every chemical substance described in the open scientific literature, including organic and inorganic compounds, minerals, isotopes, alloys and non-structurable materials. A CAS number has several uses including in the application for chemical facilities in the United States with the US Environmental Protection Agency and for the importation of chemicals produced outside the European Union through the European Union Registration, Evaluation, Authorisation, and Restriction of Chemicals program.