About the Biorefinery Joint Venture (“BJV”)
Frontier Impact Group (FIG) and Carnarvon Petroleum (CVN) will form an incorporated joint venture (“Development Company”) which will develop biorefinery projects. Each party will own 50% in the Development Company.
The Development Company’s aim is to develop multiple biorefining projects in which it will retain an equity interest in each biorefinery. FIG have the first biorefinery project matured to an advanced concept phase.
CVN will invest $2.6 million in seed capital into the Development Company to enable the project to reach financial close. At this point, development capital will have been secured to fund the plant acquisition and construction and fund other ancillary requirements.