TORONTO, ONTARIO--(Marketwire - June 25, 2012) - BioExx Specialty Proteins Ltd. (TSX:BXI), the first company to commercialize a new and complete food-grade protein from a major global crop in 50 years, announced today that it has closed its previously announced $6.4 million debt financing through Romspen Investment Corporation ("Romspen").
The loan will provide increased flexibility and a more solid footing for BioExx as it continues its progress on its key mandates. Efforts and resources remain focused, and progress continues, on the final stages of external engineering scale-up work for its Saskatoon plant, as well as completion of a strategic partnership transaction or transactions.
Proceeds of this loan are being distributed in accordance with agreed closing procedures, repaying in priority the Company's existing debt facility with Farm Credit Canada in the amount of approximately $4 million, with the balance to be available for working capital and general corporate purposes.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. BioExx employs trade secret, patented and patent-pending technologies that utilize significantly lower temperatures than conventional oilseed processing, in order to enable the improved separation of proteins from oilseeds. BioExx believes that these processes cumulatively have the potential to make a valuable contribution to global food and protein supply while maintaining an environmentally sustainable footprint.
To find out more about BioExx Specialty Proteins Ltd. (TSX:BXI), please visit www.bioexx.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for BioExx's products, the availability of funding, the efficacy of its technology, and the anticipated costs of BioExx's plant construction and operation. These forward-looking statements are made as of the date hereof and BioExx does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from BioExx's expectations and projections.