GESI clears first milestone in rail tie-to-energy plant financing

Aug 13, 2012 - Canadian Green Energy Solution Industries Inc (PINK:SATM), or GESI, said Friday it had raised the escrow money necessary for the funding of construction of its waste rail tie-to-energy plant in Alberta, Canada.

The money to be placed into escrow would ensure the delivery of funds for the CAD-45-million (USD 45m/EUR 37m) plant under the funding plan drafted together with the project’s strategic partner Inrefco. The escrow funds have been raised through private placement of restricted shares to long term investors, GESI said.

The freshly raised funds will remain in escrow until delivery terms are determined and the first funds have been provided.

GESI said that it would soon announce the completion of funding and a timeline for the construction of the waste rail tie-to-energy plant.

(CAD 1 = USD 1.009/EUR 0.821)

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