HALIFAX, Jan. 3, 2017 /CNW/ - CFFI Ventures Inc. ("CFFI Ventures") announced today that it acquired, on January 1, 2017, ownership of an aggregate of 1,402,500 common shares ("Common Shares") of Biox Corporation ("Biox"), representing approximately 3.04% of the outstanding Common Shares of Biox at a price of C$0.90 per Common Share pursuant to a purchase agreement (the "Agreement") with Clearwater Fine Foods Incorporated (the "Vendor") (the "Transaction"). As part of the Transaction, CFFI Ventures also acquired 3,300,000 warrants to acquire 3,300,000 Common Shares of Biox ("Warrants") from the Vendor at a price of C$0.227 per warrant, for an aggregate purchase price of C$2,011,350 (the "Purchase Price"). If exercised, the Warrants represent approximately 7.16% of the outstanding Common Shares of Biox.
Immediately before the Transaction, CFFI Ventures did not hold any Common Shares or Warrants of BIOX. Following the Transaction, CFFI Ventures holds 1,402,500 Common Shares and 3,300,000 Warrants.
The Common Shares and Warrants were acquired in connection with an internal reorganization of the Vendor. CFFI Ventures and its joint actors will evaluate their investment in Biox from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease securityholdings in Biox as circumstances require.
Further details, including a copy of the early warning report filed by CFFI Ventures in connection with the Transaction, may be obtained from by contacting Stan Spavold at (707) 478 4827.
SOURCE CFFI Ventures Inc.
For further information: CFFI Ventures Inc., 757 Bedford Highway, Bedford, NS B4A 3Z7