Active Energy Group: Update on Canadian Forestry Joint Venture
Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange AIM-listed international supplier of industrial wood chip for MDF manufacturing and Biomass for Energy (BFE) power generation, second-generation Biomass for Energy (BFE) fuel solutions and systems, and global forestry and natural resources development services, is pleased to announce that it has received written confirmation from the Ministry of Aboriginal Affairs of Alberta that the report into possible breaches of the Métis Settlements Act by AEG’s Métis partners in its KAQUO Forestry & Natural Resources Development Corporation (KAQUO) joint venture will be issued within the next four weeks.
As stated in the Group’s Annual Report for the year ended 31 December 2014, issued on 8 June 2015, the Board of AEG remains confident in the legal validity and commercial potential of the KAQUO joint venture, and is confident that initial funding by the selected investor will be in place in H2:2015.
Richard Spinks, Active Energy Group CEO, commented “We are extremely grateful to the government of Alberta for finally confirming when the enquiry will be completed.”
“The Métis people have a long and honourable history, and I have every confidence that the KAQUO joint venture will allow the selected investor to imminently invest, which will enable the creation of hundreds of local jobs and empower the Métis Settlements of Northern Alberta to achieve financial independence and become proud contributors to Alberta’s economy… a goal that we share with Premier Notley and her new government.”