Asia Green Biotechnology Corp Announces Agreement to Acquire Proposed Duvernay Waste Disposal Company

Calgary, AB / Accesswire / August 22, 2024 – Asia Green Biotechnology Corp. (CSE: ASIA) has signed a non-binding letter of intent to acquire all shares of Paladin Services Group Ltd., a private company with a Class II Disposal Well in central Alberta's Bonnie Glen field. Paladin has commitments from major producers to inject Class II fluids into the Leduc Formation.

Paladin plans to drill a Class Ib well and build facilities at Rimbey in early 2025, following Crown mineral authorization and financing completion. Keystone Field Engineering and the Alberta Energy Regulator have greenlit surface infrastructure construction, with Bonnie Glen expected operational by Q4 2024 and Rimbey by Q2 2025.

The acquisition involves issuing approximately 15,053,333 common shares of Asia Green, and the reverse takeover will see Paladin shareholders owning about 90% of the resulting entity. A related financing effort aims to raise between $5 million and $10 million to complete construction projects and convert debts.

Post-transaction, Paladin's CEO, Kevin Baumann, will lead the combined company. Baumann has extensive experience in the waste disposal industry. Trading on Asia Green's common shares will remain halted until the transaction is finalized.