Torrent Capital Corporate Update
Halifax, Nova Scotia – (Newsfile Corp. – November 20, 2023) – Torrent Capital Ltd. (TSXV:TORR) (“Torrent”) is pleased to provide a corporate update on its 50/50 joint venture company, Argentia Capital Inc. (“ACI”) with Port of Argentia Inc. (“POA”), as announced on September 21, 2022, and an update on its Investment Portfolio.
Argentia Capital Inc.
Through the ACI joint venture, Torrent is investing in developmental projects at the Port of Argentia which will generate opportunities to earn revenue through royalty incomes and equity positions.
“Particularly commendable was the June 2023 commercial terms announcement with Pattern Renewable Holdings Canada 2 ULC (“Pattern Energy”) for a planned wind to green fuels project at the Port of Argentia in which ACI is a signatory to the agreement,” said Carl Sheppard, CEO of ACI.
Negotiated commercial terms will see ACI receiving a royalty calculated as a percentage of gross revenue on sales from ammonia production facilities at rates consistent with prevailing renewable industry practices for landowners. In addition, ACI has the right to acquire up to a 12.5% limited partner equity interest in the wind, hydrogen and ammonia project, or any other entities established for operating a renewable energy or green fuels production project at the Port of Argentia.
