http://www.aurabiocorp.com/ () —
Aura Bio Corp. ("Aura") (OTCBB: AUBC) today provided the following update on corporate developments:
Aura is pleased to announce that on July 16, 2010, the company has completed its due diligence assessment of the Agricultural Biodiesel project in Cross River State, Nigeria, and has officially entered into a formal partnership agreement with Tolao Energy of Nigeria ("Tolao").
Under the terms of the agreement, Aura can earn a 10% working interest in a proposed Agricultural Biodiesel project in Cross River State, Nigeria. The project will ultimately involve the use of 3000 hectares of arable land suitable for the purpose of jatropha feedstock cultivation and bio-fuel production. The project also includes the development of a biodiesel plant with an initial annual production capacity of 37.5 million liters, with the intent of increasing annual production to over 70 million liters within the first 12 months of production.
As part of the agreement, Tolao has received its 2 million common shares of the company as the first payment.
"Aura is extremely pleased to have finalized this formal agreement with Tolao Energy Nigeria on the development of this clean energy biodiesel project," said Harry Lappa, President and CEO of Aura. "We feel the focus of Aura, and more specifically the development of this project, is perfectly in line with the increased global emphasis and demand for cleaner, sustainable alternative fuel sources."
Tolao is still in discussions with Capital Bancorp Limited of Nigeria ("CBL") on securing it's financing of up to $7,000,000 USD for the proposed biodiesel project.
Aura Bio Corp. is a company focusing on developing and investing in clean energy projects. Further information on Aura Bio Corp. is available at www.aurabiocorp.com (http://www.aurabiocorp.com) .
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Aura Bio Corp.'s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. We seek safe harbor.