Bio-Extraction Inc.
TSX VENTURE : BXI

Bio-Extraction Inc.

April 28, 2009 09:29 ET

BioExx Announces Priced Private Placement

TORONTO, ONTARIO--(Marketwire - April 28, 2009) - Bio-Extraction Inc. (TSX VENTURE:BXI) ("BioExx") is pleased to announce it has priced a private placement of 5,800,000 Common Shares at $0.52 per share for gross proceeds of $3,016,000 (the "Private Placement"). Closing of the Private Placement is scheduled for May 12, 2008, subject to the approval of the TSX Venture Exchange and other customary conditions. The Common Shares will be subject to a four month statutory hold period.

Canaccord Capital Corporation acted as lead agent on the Private Placement, and Fraser Mackenzie Limited, Loewen Ondaatje McCutcheon Limited, and Wellington West Capital Markets Inc. (collectively, the "Agents") also participated. The Agents have the option to increase the number of Common Shares sold on the Private Placement up to 9,800,000. In consideration for their services, the Agents will receive a cash commission equal to 7% of the gross proceeds, and broker warrants in an amount equal to 6% of the number of securities sold under the Private Placement at an exercise price equal to $0.55 per common share, with a term of 18 months from the closing of the Private Placement and exercisable after February 1, 2010.

The net proceeds from the private placement will be used for capital expenditures at the BioExx Saskatoon facility, particularly related to protein separation equipment for the production of high-end proteins, for the further development of the Company's second commercial plant, and for working capital and general corporate purposes.

"We are pleased to accept additional funding into our treasury on what we believe are fair terms relative to the current and historical trading range of our shares, and having regard to the hold period on the private placement shares. This capital represents a prudent strengthening of our balance sheet for our shareholders, and it does so at a time of difficult and highly uncertain capital market conditions. It also augments our ability to continue on our path of consistent and successful business plan execution, and further drives our tireless efforts towards exploitation of high-end protein markets", said Chris Schnarr, Chief Financial Officer of BioExx.

About Bio-Extraction Inc.

Headquartered in Toronto, Canada, BioExx is a leading technology company focused on the extraction of oil and high-value proteins from oilseeds for the global food market. BioExx' patented technology allows for the use of significantly lower temperatures than conventional methods in extracting the active ingredients and oils from oilseeds, resulting in higher yields and higher-quality meal, oils and proteins. BioExx' low energy requirements, environmentally sound process, and high-yield production have the potential to make a valuable contribution in alleviating food scarcity. BioExx operates a commercial scale extraction facility in Saskatoon, Saskatchewan, and has a mission to construct additional and larger processing facilities on a global basis. To find out more about Bio-Extraction Inc. (TSX VENTURE:BXI), please visit www.bioexx.com.

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 BioExx' expectations and projections.

The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

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