Blackheath Resources Inc. and Wolverine Energy and Infrastructure Inc. have entered into an amalgamation and arrangement agreement for the proposed sale of Wolverine’s clean energy assets, renewable natural gas (RNG) development projects and solids recycling facilities to Blackheath for total proceeds of $150 million. The proceeds from the sale of the clean energy assets will be $50 million in cash, with the remainder of such proceeds comprising shares of Blackheath. As a step in the transaction, Blackheath will change its name to Green Impact Partners Inc. (GIP).
The clean energy assets comprise: seven water treatment and recycling, and waste management facilities acquired by Wolverine in February 2019, and located in Alberta, Saskatchewan and the US and the assets of Wolverine that are associated with the clean energy development projects currently being undertaken by the company.
Clean energy development projects currently being pursued and representing opportunities for growth available to GIP include those relating to water recycling, solids recycling, clean energy development projects and clean energy marketing. Examples of such projects include an RNG project using dairy manure as a feedstock in the US and an RNG project using forestry byproducts as a feedstock in Canada.