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Stock Market & Financial Investment News

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December 13, 2013
07:32 EDTJEJust Energy announces agreement to sell Terra Grain Fuels
Just Energy Group announced that it has entered into a Share Purchase Agreement pursuant to which it has agreed to sell all of the issued and outstanding shares of Terra Grain Fuels, an ethanol producer located in Belle Plaine, Saskatchewan, to a group of Saskatchewan businesses. The sale resulted from a process involving a number of interested parties. Pursuant to the Purchase Agreement, the Purchaser will acquire Terra Grain, including all of its outstanding debt, for a nominal purchase price. Additionally, Just Energy will be released from all of its obligations to service providers to Terra Grain under letters of credit and guarantees. The closing is expected to occur on or before December 24. The sale of Terra Grain removes approximately $68M of debt from Just Energy's balance sheet and is an initial step in reducing debt levels.
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