Canada: Viridis Energy – All pellets assets are for sale

Royal Bank of Canada claim Viridis subsidiary Okanagan Pellet Company to pay all outstanding depts 

Viridis Energy Inc. is a publicly traded company (Toronto Venture exchange: VRD – Public documents HERE) and has been a producer and trader of residential and industrial wood pellet fuel.  Viridis is working with FutureMetrics for the potential sale of all of it’s assets.

Viridis Energy has three subsidiaries: Okanagan Pellet Company (OPC), Scotia Atlantic Biomass (SAB), and Viridis Merchants Inc. (VMI). FutureMetrics is the exclusive consultant for the sale of Viridis Energy Inc.

Viridis announced April 15 that its lender, Royal Bank of Canada (“RBC”), has made a demand upon Okanagan Pellet Company (“OPC”), a wholly owned subsidiary of Viridis, for payment in full of OPC’s outstanding indebtedness in the aggregate amount of $2,610,262 by April 18, 2016.  The company did also at the same time announce that it have not sufficient cash on hand nor does it expect to be able to raise sufficient capital to make payment in full by the deadline noted in the Demand Notice. Fo this reason ut has engaged wood pellet industry expert FutureMetrics, LLC to solicit interest in Viridis Energy and/or its subsidiaries and to assist in the sale of the OPC assets.

Viridis will consider offers for each subsidiary separately or as a whole. The sale will either be a stock purchase sale of the entire company or an asset sale of each individual subsidiary.  That will be determined by the offers that Viridis receives.
The potential structure and timing of the sales/acquisitions are discussed in a Confidential Information Memorandum that is available to interested parties after the execution of a Non-Disclosure Agreement.

FutureMetrics is working with Viridis on the process of finding a buyer or buyers.