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Aura and Tolao Energy Nigeria enter into biodiesel agreement

Aura Bio Corp. has entered into a formal agreement with Nigerian biodiesel producer Tolao Energy on the biodiesel project in Cross River State, Nigeria.
The project will see the cultivation of jatropha on 3,000 acres of land and the construction of a biodiesel plant with an initial annual production capacity of 37.5 million litres. This is expected to reach 70 million litres per year within the first 12 months of production.

As part of the agreement, Aura has advanced 2 million common shares of the company to Tolao, as the first payment, pursuant of the terms of the Letter of Intent. According to the agreement terms, a second payment of $200,000 will be made to Tolao by 23 August 2010 before a final payment of $10 million within one year of the first payment.

Additional information:
News date: 13/07/2010

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