Chudleigh Ventures Inc. Announces Receipt of Exchange Conditional Approval for Its Qualifying Transaction
March 30 2010 - 4:29PM
Marketwired
Chudleigh Ventures Inc. ("Chudleigh") (TSX VENTURE: CLV.P), a
Capital Pool Company, is pleased to announce that it has received
conditional approval from the TSX Venture Exchange (the "Exchange")
for its Qualifying Transaction ("QT") involving the acquisition of
all of the issued and outstanding securities of Sweet Diabetic
Delight Foods Inc., doing business as Xylitol Canada. After
completion of the QT, Chudleigh will be renamed Xylitol Canada Inc.
Xylitol Canada's goal is to become a North American-based, low
cost, high quality manufacturer of food and pharmaceutical-grade
xylitol from readily available environmentally-sustainable biomass.
Xylitol is an all natural sweetener, which contains 40% less
calories than sugar. Xylitol is found in many consumer retail
products, including gums, toothpaste and mints.
Since early 2008, Xylitol Canada has conducted a research and
development program pursuant to a joint venture agreement with
SunOpta BioProcess Inc., a subsidiary of SunOpta Inc. (TSX:
SOY)(NASDAQ: STKL), focusing on the design, construction and
optimization of biomass conversion equipment, processes and
facilities for the cost effective production of high end xylitol
from xylose enriched raw materials. Xylitol Canada's immediate
objective is to construct a pilot plant capable of producing up to
250 metric tons of xylitol per year in order to validate this
process on a commercial scale.
Closing and final acceptance of the QT is subject to the
satisfaction of certain conditions, including fulfilling of all
remaining filing requirements under the Exchange's policies and the
completion of the concurrent private placement for minimum gross
proceeds of $4.4 million (the "Offering"). The use of proceeds from
the Offering will be used to fund pilot plant expenditures to test
the validity of commercial scale production of xylitol using the
process developed under the Joint Venture. A Filing Statement
concerning the QT is available at www.sedar.com under Chudleigh's
profile.
Closing of the QT is scheduled to occur on or about April 12,
2010.
Neither TSX Venture Exchange Inc. 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.
Contacts: Chudleigh Ventures Inc. Emlyn David President and CEO
(416) 840-5002 ejdavid@cangaplending.com Xylitol Canada Andrew Reid
President and CEO (416) 567-2331 areid2@rogers.com
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