Maple will use the net proceeds from this private placement to fund the remaining portion of its equity contribution requirement in connection with and other expenditures related to the company’s ethanol project.
Rex Canon, CEO, president and executive director of Maple, said: “Through the net proceeds raised from this transaction, we will fulfill our obligations with regard to the equity required for the funding of the ethanol project. This is a major milestone for Maple as we move towards the commencement of commercial operations of our ethanol project in 2011.”
Maple is an integrated independent energy company with assets and operations in Peru. It is engaged in several aspects of the energy industry, including the development of the ethanol project; exploration and production of crude oil and natural gas; and refining, marketing and distribution of hydrocarbon products.
