BioExx Announces $10 Million bought deal financing

    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

TORONTO, Sept. 25 /CNW/ - Bio-Extraction Inc. (TSX-V: BXI) ("BioExx" or the "Company") announced today that it has entered into an agreement to sell to a syndicate of agents led by Canaccord Adams and including Wellington West Capital Markets Inc., Fraser Mackenzie Limited and Loewen Ondaatje McCutcheon Limited (the "Agents"), on a bought deal private placement basis, 8,000,000 common shares ("Offered Shares") at a price of $1.25 per Offered Share for gross proceeds to BioExx of $10 million (the "Offering").

The Agents have the option, exercisable in whole or in part up to 48 hours prior to the closing of the Offering, to offer for sale up to an additional 4,000,000 common shares of the Company for additional gross proceeds of up to $5 million.

BioExx intends to use the net proceeds from the Offering to fund capital expenditures at the BioExx Saskatoon processing facility and the proposed North Dakota processing facility and for general working capital and corporate purposes. In the context of its current business plan, BioExx believes that the net proceeds of the Offering will enhance the strength of the Company's balance sheet and working capital position for the start-up and ramp-up phases of its Saskatoon protein isolate facility, with excess capital to be allocated to its planned North Dakota facility.

The Offering is expected to close on or about October 15, 2009 and is subject to regulatory approval. The Offered Shares will be subject to a four month hold period in Canada.

About Bio-Extraction Inc.

Headquartered in Toronto, Canada, BioExx is a leading technology and industrial processing company focused on the extraction of oil and high-value proteins from oilseeds for the global food, beverage, and nutrition markets. BioExx's patented technology allows for the use of significantly lower temperatures than conventional methods in extracting the active ingredients and oils from oilseeds, resulting in higher yields and higher-quality meal, oils and proteins. BioExx's low energy requirements, environmentally sound process, and high-yield production have the potential to make a valuable contribution in alleviating food scarcity. BioExx operates a commercial scale extraction facility in Saskatoon, Saskatchewan, and has a mission to construct additional and larger processing facilities on a global basis. To find out more about Bio-Extraction Inc. (TSX VENTURE: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."

    
    "Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release."
    

SOURCE BIOEXX

For further information: For further information: Bio-Extraction Inc.: Chris Schnarr, Chief Financial Officer, (416) 588-4442 x111, cschnarr@bioexx.com; Investor Relations: Brisco Capital Partners, Scott Koyich, President, (403) 262-9888, scott@briscocapital.com

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BIOEXX

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