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Calyx to increase Agrisoma interest to 51%
Calyx to increase Agrisoma interest to 51%
Ticker Symbol: C:CYX
Calyx to increase Agrisoma interest to 51%
Calyx Bio-Ventures Inc (C:CYX)
Shares Issued 15,973,401
Last Close 10/22/2012 $0.34
Tuesday October 23 2012 – News Release
Mr. W. Hugh Notman reports
CALYX TO ACQUIRE MAJORITY INTEREST IN OPERATING SUBSIDIARY, ANNOUNCES BROKERED PRIVATE PLACEMENT OF UP TO $4 MILLION
Calyx Bio-Ventures Inc. has reached agreements with its minority-owned operating subsidiary, Agrisoma Biosciences Inc., and with Agrisoma’s other minority shareholders, to acquire a majority stake in Agrisoma. Pursuant to these agreements, Calyx will increase its position to a majority stake in Agrisoma. Concurrently, Calyx has entered into an agreement with Canaccord Genuity Corp. to place up to 13,333,333 units of the company at a price of 30 cents per unit for total gross proceeds of up to $4-million. The company will also grant the agent an option to solicit additional units to raise additional gross proceeds of up to $1-million, exercisable 48 hours prior to closing.
Agrisoma is a world leader with respect to the commercialization and development of oilseeds engineered for renewable fuels production. In 2012, Agrisoma brought its Resonance(TM) brand Brassica Carinata (“carinata”), a member of the mustard oilseed crop family, into commercial production for the first time. Carinata, a non-food, industrial oilseed, that is well-suited for production in semi-arid areas and ideal for production on marginal lands, is the result of more than a decade of development and advanced crop improvement efforts. Carinata oil is an ideal feedstock for the production of value-added products such as bio-jet fuel, renewable diesel, and biodiesel and is ideally suited to the semi-arid growing conditions of the Southern Prairies of Canada and the Northern Plains of the United States. In 2012, over 40 separate growing sites comprising 6,500 acres across the southern Prairie regions of Western Canada were contracted for the closed-loop production of Agrisoma’s Resonance(TM) brand carinata.
“We are very excited about Calyx acquiring a majority stake in Agrisoma,” commented Hugh Notman, President and CEO of Calyx. “Resonance(TM) carinata’s performance in the field during its first year of commercial production has exceeded expectations, and it has proven to be a highly resilient crop performing well in a variety of growing conditions. Agrisoma has also achieved some key milestones during 2012, including Resonance-derived biojet fuel being used as a blend with conventional jet fuel in commercial airline flight demonstrations to reduce the carbon footprint. In the near future, biojet fuel refined from carinata will be used on the world’s first flight by a civilian jet aircraft powered by 100% renewable jet fuel that meets petroleum jet fuel specifications. This will be the world’s first demonstration that civilian aircraft can operate under normal flight conditions without the use of petroleum fuels, providing a zero carbon footprint for powered flight.”
Upon completion of the Financing, Calyx will hold approximately 51% of the issued and outstanding shares of Agrisoma.
Each Unit sold in the Financing will comprise one common share of the Company and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable into one common share of the Company for a period of 12 months from closing at an exercise price of $0.60.
The majority of funds raised from the issuance of the Units will be to fund the corporate development of Agrisoma and for general working capital.
Closing of the financings is anticipated to occur on or about October 31, 2012 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issued will be subject to a standard four-month hold period.
2012-10-23 20:00:07
Source: http://calichebahada.com/2012/10/23/calyx-to-increase-agrisoma-interest-to-51/
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