Bio-Extraction Inc.

Bio-Extraction Inc.

January 14, 2008 14:47 ET

Bio-Extraction Inc.-Pricing and Closing Set on $10 Million Private Placement Offering

TORONTO, ONTARIO—-(Marketwire – Jan. 14, 2008) -


Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce that it has priced the previously announced private placement (the "Offering"), sold by a syndicate of agents led by Canaccord Adams and including Blackmont Capital Corp. and Research Capital Corporation (collectively, the "Agents").

The Offering, which consists of $10 million of units (the "Units"), will be priced at $0.25 per Unit, each Unit consisting of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share at a price of $0.40 for a period of 24 months following Closing.

The closing of the Offering (the "Closing") has been set for January 29, 2008. The Agents were previously granted an option to increase the size of the Offering by up to 20% at any time up to 48 hours before the Closing. Securities sold under the Offering will be subject to a statutory four month hold period.

The net proceeds from the Offering 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.

"We are certainly very pleased to be in a position to conclude this Offering. Clearly, there is significant uncertainty in the financial markets of late, and as such we are gratified and compelled by the confidence that investors have placed in BioExx by supporting this Offering," said Chris Carl, BioExx Chief Executive Officer. "Pending this closing, our team is primed and ready, and we are very excited about moving forward with the continued execution of our business plan and the creation of value for our shareholders."

About Bio-Extraction Inc.

The global demand for ever higher food value from agriculture is growing at an unprecedented pace, driven by population growth and economic growth. At the same time, food supply constraints are increasing, due to urban development of arable land, alternate uses of crops for bio-fuel and other industrial purposes, and many crops having already maximized yields. The result is an alarming imbalance between over-demand and under-supply.

BioExx owns patented technology which allows for much lower temperatures to be used for the extraction of active ingredients and oils from biomass. This makes BioExx particularly well suited to process oilseed crops in a manner that allows for the production of much higher value additives to the food chain, in the form of higher yields of high value proteins which tend to be temperature sensitive. While forming just a small, but very valuable part of the solution to prominent global agricultural problems, BioExx has a mandate to rapidly grow the company through the construction and operation of extraction facilities around the world - and because of its much lower energy requirements, to do so in a very environmentally responsible manner.

To find out more about Bio-Extraction Inc. (TSX VENTURE:BXI), please visit our website at

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.

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