Ms. Kimberly Hedlin reports
REGEN III: BP CONTRACT EXTENSION GRANTED
ReGen III Corp. has provided the following updates regarding its sale, purchase and marketing agreement with bp.
On May 1, 2021, bp signed a sale, purchase and marketing offtake agreement with ReGen III for the purchase of 100 per cent of the company's base oils produced at its proposed 5,600-barrel-per-day (bpd) used motor oil recycling facility in Texas. Section 13.3(b) of this contract required ReGen III to close project financing by Dec. 31, 2021. In December, 2021, bp agreed to extend the financial closing date from Dec. 31, 2021, to June 30, 2022.
bp is aware of the considerable progress being made by ReGen III on both the financing and engineering fronts for the company's proposed Texas recycling facility. Due to the status of the negotiations with multiple potential financing partners, the continuing due diligence processes and the timeline for completion of FEL-3, bp has agreed to:
- Extend the financial closing date by nine months from June 30, 2022, to March 31, 2023.
About ReGen III Corp.
ReGen III is a clean technololgy recycling company creating more sustainable solutions that include better environmental outcomes and compelling economics.
We seek Safe Harbor.
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