Biofuels co Greenbelt Resources plans USD-16m offering

US biofuels company Greenbelt Resources Corp (OTCMKTS:GRCO) said today it intends to raise USD 16 million (EUR 14.2m) through a Regulation A+ public offering of freely trading shares.

The company and some shareholders plan to offer common stock at USD 0.20 apiece, according to a preliminary offering statement under Regulation A (Tier 2) that was filed with the Securities and Exchange Commission (SEC) on August 19.

"By conducting a public offering of freely trading shares it gives investors more opportunity to participate in our planned growth worldwide," said Darren Eng, CEO of Greenbelt Resources.

The firm plans to use the proceeds from the offering to develop a local community-scale waste-to-energy ecosystem for converting brewery and winery wastes into renewable fuel, animal feed and liquid fertiliser. This new ecosystem will be known as PRECO (for Paso Robles ECO-system).

Moreover, Greenbelt will use a portion of the fresh funds to develop strategic target markets, create additional ecosystem financing relationships and carry out a targeted sales campaign to address local community needs around the world, it said.

(USD 1.0 = EUR 0.886)

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