BIOX announces TSX approval of normal course issuer bid
TSX symbol: BX
TORONTO, Aug. 29, 2013 /CNW/ - BIOX Corporation (BIOX) (TSX: BX), a renewable energy company that owns and operates Canada's largest biodiesel production facility, today announced that the Toronto Stock Exchange ("TSX") has accepted BIOX's notice of intention to make a normal course issuer bid (the "NCIB") that will enable BIOX to purchase common shares of BIOX ("Shares") over a 12-month period. The notice provides that BIOX may purchase, through the facilities of the TSX, up to 3,087,816 Shares, being approximately 10% of the 30,878,169 Shares in the "public float" as of August 28, 2013.
The NCIB will commence September 3, 2013 and terminate on September 2, 2014, unless earlier terminated by BIOX. The price that BIOX will pay for any Shares will be the market price at the time of acquisition. During the period of the NCIB, BIOX may make purchases under the NCIB by means of open market transactions through the facilities of the TSX or otherwise as permitted by the TSX. The average daily trading volume for the six months ended July 31, 2013 is 4,899 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 1,224 Shares. Shares purchased under the NCIB will be cancelled. BIOX has not purchased any of its Shares in the previous twelve month period.
As of August 28, 2013, there were 45,748,691 Shares outstanding.
BIOX intends to enter into an automatic share purchase plan with a broker prior to the commencement of the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods, subject to certain parameters. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of BIOX.
BIOX believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. As a result, BIOX believes that the purchase of Shares, from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
About BIOX Corporation
BIOX is a renewable energy company that owns and operates Canada's largest biodiesel production facility, with a nameplate capacity of 67 million litres per year. BIOX has an innovative, proprietary and patented production process that is capable of producing the highest quality, renewable, clean burning and biodegradable biodiesel fuel utilizing a variety of feedstocks - from pure seed oils to animal fats to recovered vegetable oils with no change to the production process. BIOX's high quality biodiesel fuel meets North American (ASTM D-6751) quality standards.
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of BIOX, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Such statements relate to, among other things, BIOX's intention to purchase Shares pursuant to the NCIB, BIOX's belief that the Shares may from time to time be undervalued and that purchases of Shares under the NCIB will provide benefits to shareholders. These statements reflect BIOX's current views regarding future events and operating performance, are based on information currently available to BIOX, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that BIOX's results of operations and business outlook are highly dependent on a mix of legislation and producer payment programs and tax credits and upon commodity prices, which are subject to significant volatility and uncertainty. Many factors could cause the actual results, performance or achievements of BIOX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including factors described in this press release and those discussed in BIOX's publicly available disclosure documents, as filed by BIOX on SEDAR (www.sedar.com) except as updated herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, BIOX does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE BIOX CorporationFor further information:
Executive Vice President & CFO
Phone: (905) 337-4970
Phone: (416) 815-0700 ext. 238