Foyson effort to raise $5.8M

FOYSON Resources shareholders will be called on to vote on 16 resolutions relating to the sales agreement with Integrated Green Energy at an extraordinary general meeting scheduled for Sydney on July 30.
Foyson effort to raise $5.8M Foyson effort to raise $5.8M Foyson effort to raise $5.8M Foyson effort to raise $5.8M Foyson effort to raise $5.8M

Under the agreement, Foyson will acquire the Berkeley Vale 50 tonnes feedstock per day of commercial waste plastics to fuel plant in New South Wales and the licences to commercialise the plastics to fuel, biomass to fuel, and biomass to energy conversion technologies.

The resolutions will also involve the issue of shares and voting rights.

Foyson said the Berkeley Vale conversion plant secured the "future of Foyson and its involvement in the Amazon Bay project" in Papua New Guinea as well as creating value for its shareholders.

"The existing weak equities market for junior resource stocks, resulting from depressed commodity prices, requires Foyson to generate internal funding by way of a positive cash flow project to assist with overall funding," it said.

Shareholders will also consider resolutions which would allow the company to raise up to $A5.8 million under a rights issue and offer.

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