Cindrigo Energy Announces Investment Agreement with China Energy

Cindrigo announced that entered into an Investment Agreement with China Energy Co. Ltd (“China Energy”), a subsidiary of China Energy Engineering International Co. Ltd), relating to the purchase of share capital by China Energy in a special purpose vehicle (the “Project Company”), a wholly owned subsidiary of Cindrigo.

Under the terms of the Agreement, China Energy will provide funding in the amount of €160,000,000.00 (“Total Project Cost”) for the building of a Waste to Energy Plant in Ukraine, in exchange for 80% of the share capital the Project Company. The Agreement also includes provisions relating to minority shareholders including non-dilution.

The Company also entered into a Deed of Agreement with China Energy, whereas Cindrigo will hold 20% of the share capital of the Project Company, with a buyback option for the re-purchase 31% of the total share capital of the Project Company after the completion of the Project, resulting in an eventual 51% ownership of the total share capital of the Project Company by Cindrigo.

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