BlueOcean NutraSciences Inc.

BlueOcean NutraSciences Inc.

April 06, 2015 10:14 ET

BlueOcean NutraSciences Announces a Non-Brokered Private Placement and Lease Termination Agreement

TORONTO, ONTARIO--(Marketwired - April 6, 2015) - BlueOcean NutraSciences Inc. ("BlueOcean") (TSX VENTURE:BOC) BlueOcean is pleased to announce that it intends to proceed with a private placement offering of up to 7,500,000 units ("Units") at a subscription price of C$0.10 per Unit for gross proceeds of up to C$750,000 (the "Private Placement"). Each Unit will consist of one common share ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of C$0.15, 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 7,500,000 units will be comprised of a non- brokered offering. Closing on the non-brokered offering is expected on or before April 13, 2015, or such other date as may be agreed on by the Company.

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 54,467,693 Common Shares outstanding.

The Private Placement is subject to all applicable regulatory approvals, including the acceptance of the TSX Venture Exchange.

BOC is also pleased to announce that the Company and its landlord have agreed in principle on the terms of a lease termination to be effective March 31, 2015. The lease was entered into March 1, 2012 when the company had plans to build an algae-growth plant to utilize its patented growth technology in a joint venture. Since those plans did not materialize the Company has been unable to make use of the property. The Company will have until 2016 to begin paying the outstanding amounts on the lease but will not incur further expenses on a go-forward basis.

About BlueOcean NutraSciences Inc.

BlueOcean NutraSciences 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, Krill oil and Omega-3 Algal oil health and wellness markets.

BlueOcean is developing two specialty oil product lines: AstaShrimp™ and AlgaOmega™, and 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 70717 Newfoundland and Labrador Ltd, a joint venture with a major Atlantic Canada shrimp processor that provides the shrimp feedstock for the extraction of Northern AstaShrimp™, and BlueOcean wholly owns the rights to produce and sell its Pacific and Southern AstaShrimp™ oils. BlueOcean wholly owns its AlgaOmega™ product line. BlueOcean owns 50% of the participating and voting rights in 2453969 Ontario Inc., a joint venture with CMax Technologies that has developed extended release omega-3/astaxanthin tablets.

The natural oils to be used in AstaShrimp™ contain very high levels of naturally occurring astaxanthin, phospholipids, and omega-3 EPA and DHA. AstaShrimp™ will be targeted at the high value and rapidly growing natural astaxanthin market. AlgaOmega™ oil is vegetarian, non-GMO omega-3 algal oil containing high levels of EPA with Polar Lipids and is targeted at the rapidly growing omega-3 algal oil ingredient market. The extended release tablets target the rapidly growing omega-3 consumer market and astaxanthin consumer dietary supplements markets.

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

    BlueOcean NutraSciences Inc.
    Dil Vashi
    Manager Corporate Development