Bio-Extraction Inc.

Bio-Extraction Inc.

November 15, 2007 09:39 ET

BioExx Announces $10 Million Private Placement Offering

TORONTO, ONTARIO—-(Marketwire – Nov. 15, 2007) -


Bio-Extraction Inc. (TSX VENTURE:BXI) ("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 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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