Alumifuel Power Corp (OTCMKTS:AFPW) or Dinatrum is gearing up to present the financial statements to OTC Markets as per the mandate and expects to come out of the stop mark next week. This initiative helps the company to honor the already negotiated transaction with Alchemist Inc and proceed to develop the real estate projects.
To cancel free trading shares
According to the Chief Executive Officer and President, Pedro Villagran Garcia, Alumifuel plans to cancel the free trading shares, and lower shares count on its float to 3.9 billion. It would reduce the amount of around 300 million shares. After the stock value increases, this number would create positive momentum. It accounts for 7.5% of the total float. Alumifuel decided to reduce the number of authorized shares to 7.2 billion from 10 billion.
US Patent issued to Novofuel is valid
CEO of Alumifuel said the US patent 8,974,765 issued to its subsidiary – Novofuel is valid. The copyright is issued to produce hydrogen under controlled conditions with the help of aluminum-based water splitting reactions.
The patent assumes significance because Europe is turning to environmentally friendly fuels. Hydrogen is the right element for eco-friendly energy production. According to Pedro, several firms have approached Alumifuel for hydrogen.
Dinatrum to invest in Alchemist
Dinatrum announced the signing of LOI to invest C$3.5 million in Alchemist Inc. The unit price for the investment is considered at Canadian cents 0.25. Dinatrum will receive 14 million shares from Alchemist after investing. Alchemist has received conditional approval from CSE for trading on completion of C$3.5 million investment.
Alchemist offer consulting and technology services for the California based cannabis sector. Dinatraum plans to explore real estate opportunities in the US and California through investing in Alchemist. The company will sign the formal accord after mobilizing the fund.
Pedro commenting on the development said the company would provide details of the investment plans to the shareholders. The details would include project financing process flow-chart, financing details, the scope of work, and planned acquisitions. Dinatrim is eyeing the real estate market in the US, where the economy is growing at a stronger rate of 2.1% of the GDP.