Corona Gold Corp. and Unisphere Waste Conversion Ltd. have completed the previously announced Plan of Arrangement between the two companies.
Under the arrangement, Corona transferred $750,000 in cash, together with its mining properties, other non-cash assets, and all of its liabilities other than its operating expenses to the date of closing and expenses related to the arrangement, to a wholly owned subsidiary, Blue Echo Ventures Inc.
The transferred assets were combined with the about $250,000 in cash already held in Blue Echo. Following the transfer, Corona amalgamated with Unisphere, a private company. The amalgamated company now bears the name "Unisphere Waste Conversion Ltd."
Blue Echo, renamed "Corona Gold Corp., will continue the mining business formerly carried on by Corona.
Unisphere was formed in 1998 for the purpose of applying established technology to the production of value added materials and energy derived products from scrap tires.
New Unisphere is proceeding with plans to build its first facility using the Unisphere Tire Derived Products System. The company has sourced two potential sites, one in New Brunswick and one in Quebec. New Unisphere is negotiating a further $12.5 million debt financing which will enable it to commence construction of the first facility.
Unisphere’s strategy is to establish operations in Quebec, New Brunswick, Florida, and Ontario. Each facility is expected to process scrap tires at the rate of 10,000 tires per day.
The carbon char produced at each facility will be upgraded to commercial grade recyclable carbon black, the condensable oil converted to fuel oil, the non-condensable gas will be sold to industrial clients and the salvaged steel sold for recycling.