07:19 AM EDT, 03/18/2025 (MT Newswires) -- EverGen Infrastructure ( EVGIF ) overnight Monday announced that vendor Fraser Valley Biogas Ltd., a subsidiary of the company, entered into a purchase and sale agreement with purchasers 2065947 Alberta Ltd. and James Betts, Chief Operating Officer of the company, in connection with the disposition of the land on which the Fraser Valley Bio Gas Project operates for a total purchase price of $2.62 million.

In connection with the purchase of the property, the vendors will enter into a long-term lease with the purchasers for the portion of the property on which the project operates, a statement noted. The purchasers paid $1.75 million to the vendor at closing of the transaction, with the remaining $870,000 to be paid on a deferred basis.

According to the statement, the vendor shall have the right to elect to repurchase the property on the fifth anniversary of the closing date of the Ttansaction at the greater of the original purchase price or the fair market value of the property on terms substantially similar to those set forth in the agreement. Until the deferred amount is paid, the vendor will pay reduced rent under the Lease Back Agreement.