BlueOcean NutraSciences Inc.
TSX VENTURE : BOC

BlueOcean NutraSciences Inc.

December 11, 2015 16:07 ET

BlueOcean NutraSciences Announces a Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 11, 2015) - BlueOcean NutraSciences Inc. ("BlueOcean" or "the Company") (TSX VENTURE:BOC) is pleased to announce that it intends to proceed with a private placement offering of up to 30,000,000 working capital units ("Units") at a subscription price of C$0.07 per Unit for gross proceeds of up to C$2,100,000 (the "Private Placement"). Each Unit will consist of one common share ("Common Share") and one-half of one warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of C$0.10, for a period of 24 months from the date of closing. The securities to be issued will be subject to a statutory four month-plus-one-day hold period from the date of closing.

The Private Placement offering of up to 30,000,000 units will be comprised of a non-brokered offering. Closing is expected in multiple tranches with the first expected on December18, 2015. Insider participation is expected but not finalized at this time. The non-brokered offering will not result in a new Control Person.

The Private Placement will be conducted in reliance upon certain prospectus and registration exemptions. The net proceeds from the Private Placement will be used to enhance the Company's cash on hand and strengthen its working capital position. BlueOcean currently has 64,592,693 Common Shares outstanding.

The Private Placement is subject to all applicable regulatory and TSX Venture Exchange approvals.

BlueOcean also announces that it has entered into a shares-for-debt agreement totaling $2,500.00 with a non-arm's-length party with regard to outstanding management fees and proposes to settle the debt through the issuance of common shares (the "Shares") of the Company at a deemed price of $0.07, subject to the approval of the TSX Venture Exchange. The Shares issued will be subject to a 4-month-plus-1-day hold period from the date of issuance.

This shares-for-debt settlement and subsequent issuance of Shares will not create a new Control Person.

About BlueOceanNutraSciences:

BlueOceanNutraSciences Inc. is a Canadian listed public Company (TSX VENTURE:BOC) that is focused on developing sustainable, specialty nutraceutical oil products targeted at the rapidly growing Natural Astaxanthin, Omega-3 and Algal oil health and wellness markets. BlueOcean's bulk shrimp oils contain high levels of naturally occurring astaxanthin, phospholipids, and Omega-3 EPA and DHA. Northern and Pacific AstaShrimp™ bulk oils are targeted at the high value and rapidly growing natural astaxanthin and phospholipid Omega-3 markets.

BlueOcean and its JV partner, CMAX Technologies, have developed a process to convert shrimp, krill, algae and other fish oils into Extended Release Tablets. BlueOcean owns 50% of the participating and voting rights in 2453969 Ontario Inc., a joint venture with CMAX Technologies that has developed the extended release Omega-3/astaxanthintablets. 2453969 Ontario Inc. also has a 66.7% ownership in Pure Polar Labs Inc., a Nevada company that sells Omega-3 and astaxanthin retail products under the brand Pure Polar.

BlueOcean's Pure Polar™ Omega-3 Shrimp Oil formulations contain over two times more Omega-3 EPA & DHA and 10 times more astaxanthin than typical retail krill oil brands, and contain phospholipids for better absorption of Omega-3s. Product details and ordering can be found at www.purepolarshrimp.com and a number of online retail stores including Amazon.com.

Forward-Looking Statements: BlueOcean

This news release may contain forward-looking statements that are based on BlueOcean's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • BlueOcean NutraSciences Inc.
    Gavin Bogle
    CEO
    416-970-3266

    BlueOcean NutraSciences Inc.
    Dil Vashi
    Manager Corporate Development
    416-859-0909
    www.blueoceannutra.ca