Progress has been made in the financing negotiations, but no final financing decisions could be made by the end of 2019. Capital investments come from many different investors and therefore additional time is needed to negotiate, for example, a shareholders' agreement defining investor relations. Contrary to the previous plan, and in agreement with the Chinese partners, the company is exploring the possibility of majority ownership of investors from Finland and the rest of the EU. At the same time, the role and responsibilities of the company responsible for operational activities are being negotiated.
Boreal Bioref Ltd. has the necessary permits to start construction and has the technical capability to start the construction work in the summer of 2020. The company aims to complete the financial negotiations in early 2020 and more information will be provided then.
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Boreal Bioref Ltd.