29 July 2013 - BioExx Specialty Proteins Ltd. today announced that it has closed its previously announced sale of certain equipment assets from its Saskatoon facility, for gross proceeds of $3.5 million.
Proceeds of the sale are being applied to a partial payment of a loan due to the Company’s first secured creditor, with the balance allocated to working capital and general corporate purposes.
The previously announced second and final component of the planned Saskatoon asset sales, under which a purchaser will acquire the land, building, and certain canola crushing assets for $7.5 million, is expected to close on or about October 31, 2013. The closing is subject to customary terms, including environmental and structural inspections, completion of closing documentation, delivery of vacant possession after removal of the assets being sold to the first purchaser, and approval of secured creditors. BioExx intends to use the proceeds of that sale to fully repay its first secured creditor, with the balance allocated to working capital and general corporate purposes;