Vega Biofuels lands financing for Georgia bio-coal project

In Georgia, Vega Biofuels has completed an interim funding package to fund its South Georgia bio-coal manufacturing plant. “We’ve been working with a small group of existing shareholders the past few months to put together a funding package that will help us with expenses associated with the construction of the plant,” stated Michael K. Molen, Chairman/CEO of Vega Biofuels.

“This helps tremendously. Things are moving at a very fast pace now and these funds will help us move to the next level much more quickly. The package is designed as a Line of Credit and we are set to receive the first draw in April. The LOC is secured by Promissory Notes and does not dilute the Company’s securities.”