TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - Xylitol Canada Inc. ("Xylitol Canada", or the "Company") (TSX VENTURE:XYL) announces today a new Control Person (as that term is defined in the policies of the TSX Venture Exchange) of the Company, being Dundee Agricultural Corporation ("Dundee"). As previously announced, disinterested shareholders of the Company approved Dundee's option to convert the principal balance and accrued interest on its $3 million loan to the Company into common shares, thereby becoming a Control Person of the Company. The principal balance of the loan, being $3 million, is being converted into common shares of the Company at a rate of $0.24 per share while, subject to TSX Venture Exchange (the "Exchange") approval, accrued interest totaling $71,013.70 is being converted into common shares of the Company at a conversion price of $0.27 per share, being today's closing price of the common shares on the Exchange. Pursuant to the conversion of Dundee's loan and accrued interest, 12,736,013 common shares will be issued and Dundee will hold a total of 21,624,901 common shares, being 29.32% of the Company's issued and outstanding common shares. Dundee also currently holds 4,444,444 warrants entitling it to acquire the same number of common shares at a rate of $0.375 per share at any time until January 10, 2015.
About Xylitol Canada Inc.
Xylitol Canada markets xylitol and xylitol based products and is focused on becoming a major low-cost manufacturer of xylitol and related products, serving the global market from operations in North America.
Xylitol Canada's business strategy is to leverage novel proprietary technology and processes to become North America's premier manufacturer of low cost, high quality xylitol from readily available environmentally-sustainable biomass. Xylitol is an all-natural sweetener which is marketed globally, including Canada and the United States, and is accepted by the American Food and Drug Administration, the World Health Organization and the American Dental Association. Xylitol contains 75% less carbohydrates and 40% fewer calories than sugar, has a myriad of oral health benefits, including the prevention of tooth decay, and is safe for diabetics. To date, wider spread use of xylitol has been limited due to the lack of a reliable, low cost, high quality supplier.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is define din the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.