BIOX Amends Bridge Note and Announces Results of Election of Directors

TSX symbol: BX

TORONTO, March 24, 2017 /CNW/ - BIOX Corporation ("BIOX" or the "Company") (TSX: BX), a renewable energy company that owns and operates biodiesel production facilities, today announced that the secured bridge note in the amount of $5,221,546 USD issued on January 1, 2017 (the "Bridge Note") was amended as of March 23, 2017 to extend the maturity date from March 31, 2017 to June 30, 2017 and to increase the amount available under it by up to $5 million CAD, available in three tranches, up to $2 million CAD on [March 24, 2017], up to an additional $2 million CAD on April 24, 2017 and up to an additional $1 million CAD on May 23, 2017 (each, a "Supplemental Increase"), provided certain conditions precedent are satisfied at each drawdown date, at the same interest rate as the existing Bridge Note.  The Supplemental Increases will be used to pay for capital upgrades to BIOX's biodiesel facility in Sombra, Ontario and to pay aged accounts payable. 

BIOX held its annual meeting of shareholders on Wednesday, March 22, 2017. All of the nominees proposed as directors in BIOX's Management Information Circular, dated February 16, 2017, were elected. The shares were voted as follows:



Votes For


% For(1)


Votes Withheld


% Withheld(1)










William Lambert


21,094,492


100.00%


0


0.00%

Stanley Spavold


21,080,292


99.93%


14,200


0.07%

Kevin P. Golding


21,080,292


99.93%


14,200


0.07%

Alan Rickard


21,094,492


100.00%


0


0.00%

Gene Gebolys


21,078,292


99.92%


16,200


0.08%


(1)    Rounded to two decimal places.

 

About BIOX Corporation
BIOX is a renewable energy company that, owns and operates 287.5 million litres of nameplate biodiesel production capacity at plants located in Houston, Texas and two facilities in southern Ontario. 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.

Forward-looking Statements

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. 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, including those with respect to the two additional Supplemental Increases and use of proceeds, 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. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur and readers are cautioned that any financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.

SOURCE BIOX Corporation

For further information: Alan Rickard, CEO, BIOX Corporation, 905-521-8205 ext. 253, arickard@bioxcorp.com


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