RED DEER, ALBERTA--(Marketwire - Apr 1, 2013) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that its indirect wholly owned subsidiary Blue Horizon Bio-Diesel Inc ("BHBD") and its potential partner Cielo Gold Corp. ("Cielo") is pleased to announce that on March 1st, 2013, Cielo held its Annual General Meeting (the "AGM"). At the AGM, Mr. Don Allan was elected to the Board of Directors. Mr. Allan also was appointed CEO and President of Cielo for the express purpose of completing the proposed acquisition of the assets and undertaking of BHBD, of which Mr. Allan is currently the President and Chief Executive Officer.
Cielo also announces that BHBD has entered into a non-binding agreement for up to $5.5 million in project financing through the issuance of convertible debentures. Closing of the $5.5 million convertible debenture financing is anticipated to occur on or before May 31, 2013 The material terms on the convertible debenture are 9.75% annual interest for a three year terms with a right of conversion in year 2 or 3 at a price equivalent to a 20% discount of the previous 20 day average closing price and in no case less than $.25 per common share subject to the completion of the transaction between Cielo and BHBD, the convertible debentures will be issued by Cielo. In connection with the convertible debenture financing, Phoenix Capital Partners Inc. has been engaged by BHBD to act as its financial advisor. There is no guarantee this financing will close and trading in the shares of the Company remains speculative.
Cielo also announces that on March 28, 2013, an amendment was signed between Cielo and BH Bio-Diesel to extend the proposed acquisition of the assets to May 15, 2013.
About Blue Horizon Industries Inc.
Blue Horizon Industries Inc. is a diversified industrial company with a four-fold strategic focus. The Corporation operates through three subsidiary companies; Blue Horizon Energy Inc. - 100% owned ("Blue Horizon Energy"), Blue Horizon Bio-Diesel Inc. - 100% owned ("BH Bio-Diesel") and Blue Horizon Mining Inc. - 74% owned ("BH Mining"). Blue Horizon Contracting ("BH Contracting") and BH Energy are wholly-owned divisions of Blue Horizon Energy. BH Contracting is currently working with BH Bio-Diesel on the dismantling and re-erection of the demonstration plant while BH Energy is the Operator in exploration interests for oil and gas in Western Canada having participated in 3 test wells and one horizontal well in 2011. BH Mining is advancing two mining projects in British Columbia and BH Bio-Diesel has an exclusive sub-license agreement to build green renewable-diesel plants in Canada.
The shares of the parent company, Blue Horizon Industries Inc., are listed to trade on the Canadian National Stock Exchange ("CNSX") under the symbol BH.
Further information with respect to the Blue Horizon Group of Companies can be obtained by visiting: www.blue-horizon.ca.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.