BioExx Announces $10 Million Private Placement Offering



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

    TORONTO, Nov. 15 /CNW/ - Bio-Extraction Inc. (BXI:TSX-V) ("BioExx") is
pleased to announce that it has entered into an agreement to sell, on a
private placement basis, $10 million of units (the "Units"). The "best
efforts" private placement, which is subject to regulatory approval, will be
sold by a syndicate of agents led by Canaccord Adams and including Blackmont
Capital Corp. and Research Capital Corporation (collectively, the "Agents").
    Each unit will consist of one common share and one-half of one common
share purchase warrant. Each whole warrant will entitle the holder to purchase
an additional common share at an agreed-upon price for a period of 18 months
following closing.
    The Offering will be marketed on a "best efforts" basis in Canada, the
United States, and Europe. Securities sold under the Offering will be subject
to a statutory four month hold period, and will be priced in the context of
the market prior to Closing. The Agents have been granted an option to
increase the size of the Offering by up to 20% at any time up to 48 hours
before Closing.
    The net proceeds from the private placement will be used to fund the
construction and start-up of the previously announced BioExx canola extraction
facility in Saskatoon, for working capital, and for general corporate
purposes.
    In consideration for their services, the Agents will receive a cash
commission equal to 7.5% of the gross proceeds, and broker warrants in an
amount equal to 7.5% of the number of securities sold under the Offering at an
exercise price equal to the price at which the securities are sold under the
Offering.
    Marketing of the Offering will begin immediately and closing is
anticipated as soon as practicable thereafter subject to approval of the TSX
Venture Exchange and other customary conditions.

    About Bio-Extraction Inc.
    -------------------------
    BioExx is involved in the development and commercialization of extraction
technology, which can be used to extract various active ingredients from
organic and inorganic materials, for its own account and as a service to
industrial customers. Global in scope, the BioExx target markets include
extractions in agriculture (primarily oilseeds), alternative energy crops,
pharmaceutical, nutraceutical, and industrial cleansing (eg. specialty
steels). Versus traditional technologies, the patented BioExx technology can
offer lower extraction costs, higher quality extracted materials, and material
incremental revenue opportunities as its extractions can substantially retain
the value of inherent proteins and other sensitive compounds - with all this
being completed in an environmentally responsible manner.
    To find out more about Bio-Extraction Inc. (TSX-V: BXI), please visit our
website at http://www.bioexx.com.

    The TSX Venture Exchange has not reviewed this press release and neither
approved nor disapproved the information contained in this press release. 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,
the demand for BioExx' products, the availability of funding, and the
anticipated costs of BioExx' 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 the
BioExx' expectations and projections.

    %SEDAR: 00023700E




For further information:

For further information: Chris Schnarr, Chief Financial Officer, BioExx,
(416) 588-4442, x.111, cschnarr@bioexx.com; Investor Relations: Scott Koyich,
President, Brisco Capital Partners, (403) 262-9888, scott@briscocapital.com

Organization Profile

BIO-EXTRACTION INC.

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