LONDON (Alliance News) - Active Energy Group PLC Wednesday said it has received written confirmation from the Canadian Ministry of Aboriginal Affairs that the report regarding a possible breach of law by its joint venture operation in Alberta will be issued in the next four weeks.
In July 2014, the Peavine, Paddle Prairie and East Prairie Métis settlements in Alberta agreed with Active Energy to form Kaquo Forestry and Natural Resources Development Corp to commercialize timber and other natural resources on 250,000 hectares of Métis land.
Active Energy holds a 45% stake in Kaquo, and the three settlements hold a combined 45%, with the final 10% being held by Kaquo Chairman Ron Derrickson.
However, complaints emerged that alleged the three settlement councils breached the Métis Settlements Act and council policy by signing the joint-venture agreement with Active Energy. The allegations focus on issues such as failing to consult the membership and the agreement?s duration.
That led to the allegations being investigated by the the Minister of Aboriginal Affairs, which has now informed Active Energy that the report will be released within the next four weeks.
Active Energy reiterated Wednesday that it is "confident in the legal validity and commercial potential of the Kaquo joint venture, and is confident that initial funding by the selected investor will be in place in the second half of 2015."
Active Energy shares were up 3.9% to 5.35 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Active Energy (AEG)