04:31 PM EST, 01/10/2025 (MT Newswires) -- Tidewater Renewables ( TDWRF ) , down 9.2% on Friday, said it closed of the sale of its interest in the Rimrock Renewables Limited Partnership to Biocirc Canada Holdings, an affiliate of Biocirc Group, for up to $7.8 million.

The company said it received $4.7 million on closing and a further $3.1 million could be received upon the satisfaction of certain post-closing conditions on or before Dec. 30.

Proceeds will be used to reduce outstanding debt on the corporation's first lien senior credit facility.

"We are pleased to complete this transaction successfully and remain focused on our core operations at the renewable diesel facility while progressing front-end engineering work for the sustainable aviation fuel project," said Tidewater chief executive Jeremy Baines.

The company's shares closed down $0.08 to $0.79 on the Toronto Stock Exchange.