In connection with the execution of the agreement, Laidlaw has provided a significant ‘hard money’ deposit to North American Dismantling (NADC) in anticipation of the closing of the acquisition.
While the agreement provides for up to 90 days for the closing of the acquisition, the parties anticipate that the closing will occur much sooner. Previously Laidlaw has entered into an agreement with HH Capital Advisors for the entire requisite financing for the acquisition and development of the environmentally advanced biomass energy facility in the US at the Berlin site.
Rick Marcicki, president of NADC, said: We are very pleased to have reached this agreement with Laidlaw. Having worked with the principals of Laidlaw on this transaction for more than a year, I feel confident that they are the right company to execute this innovative plan for the conversion of the former Fraser pulp mill to a highly advanced biomass energy plant.
