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GreenFlag to acquire Golden Mile Organics

Published: 19:28 29 Jan 2016 GMT

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Golden Mile will become a wholly owned subsidiary of GreenFlag.

GreenFlag Ventures (OTCMKTS:WTTJ), operator of BioOrganics recycling plants, signed a memorandum of agreement to acquire a 100% interest in Golden Mile Organics.

Golden Mile holds an exclusive operator license for systems to be used in Canada for the purpose of processing commercial and private waste, agricultural waste, green waste and organic waste, the Vancouver, British Columbia-based company said in a statement on Friday.

Under the terms of the memorandum, GreenFlag may acquire a 100% interest in Golden Mile through the issuance of 10mln common voting shares, following which Golden Mile will become a wholly owned subsidiary of GreenFlag.

Golden Mile's principals will continue to manage and operate the new Golden Mile subsidiary thereafter, according to the statement.

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