Compliance Energy forms Comox Joint Venture with Itochu and LG
Client
Compliance Energy Corporation
On February 23, 2009, Compliance Energy Corporation (TSVX: CEC) announced that its wholly owned subsidiary Compliance Coal Corporation ("Compliance"); I-Comox Coal Inc., a wholly owned subsidiary of ITOCHU Corporation ("ICC"); and LG International Investments (Canada) Ltd., a wholly owned subsidiary of LG International Corp. ("LGI") had executed definitive Joint Venture, Management and Operation Services, and Marketing Services Agreements for their jointly held coal and mineral properties on Vancouver Island, thereby forming the Comox Joint Venture ("CJV").
Compliance will own 60% of the CJV while ICC and LGI will each own 20%. The agreements provide for Compliance to be the manager and operator of the CJV, and ICC and LGI to have exclusive global marketing rights for all products produced by the CJV.
Compliance was advised in the formation of this joint venture by Fasken Martineau with a team that included, among others, Ron Ezekiel, Ian Cassie, John Kim and Allison MacInnis.
|
|
|