Asia Green Biotechnology Corp to Acquire Duvernay Waste Disposal Company

Asia Green Biotechnology Corp (CSE:ASIA) has signed a non-binding letter of intent to acquire all common shares of Paladin Services Group Ltd. This acquisition includes Paladin's Class II Disposal Well in Alberta's Bonnie Glen field and commitments to manage Class II fluid disposal for major producers in the area.

Paladin plans to drill a Class Ib well near Rimbey, Alberta, and construct related facilities by early 2025. With Crown mineral authorization and surface infrastructure permits from the Alberta Energy Regulator, the Bonnie Glen and Rimbey facilities aim to be operational by Q4 2024 and Q2 2025, respectively.

The deal involves issuing 15,053,333 Asia Green shares to Paladin shareholders. After the transaction and anticipated financing of at least $5 million, Paladin shareholders will own about 90% of the resulting issuer. Conditions include regulatory approvals and shareholder consent.

Kevin Baumann, Paladin’s CEO, will lead the merged entity. Baumann brings extensive experience from previous successful waste disposal ventures in Alberta. Further details on the transaction will be disclosed in subsequent announcements.