Calyx Provides Corporate Update and Cancels Private Placement Financing
April 09 2014 - 6:00AM
Marketwired
Calyx Provides Corporate Update and Cancels Private Placement
Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 9, 2014) - Calyx
Bio-Ventures Inc. (TSX-VENTURE:CYX) ("Calyx" or the "Company")
announces that it has entered into an agreement with BDC Capital
Inc. and Agrisoma Biosciences Inc. ("Agrisoma") pursuant to which
Calyx has agreed to waive its pre-emptive right in order to allow a
third party to finance Agrisoma. The proposed Agrisoma financing,
if it were to proceed as proposed and without Calyx's participation
will, upon closing, dilute Calyx's interest in Agrisoma from 49.96%
to approximately 29%. Following an evaluation by an Independent
Committee of Calyx's board of directors, it was determined that in
Calyx's view, Agrisoma's business had not progressed as expected,
and no options for financing Agrisoma could be found that would be
satisfactory to shareholders of Calyx.
Additionally,
intellectual property ("IP") which was exclusively licensed to
Agrisoma by Calyx is no longer under exclusive license to Agrisoma.
With the IP reverting to Calyx, Calyx is now able to license and
utilize its IP in other agricultural sector opportunities that it
is currently investigating. The unique and powerful features of
this technology provide clear advantages for the development of
plant-based products. Calyx is in discussions and pursuing a number
of new business opportunities in the agriculture and
agri-pharmaceutical sectors including the MMPR (Marijuana for
Medical Purposes Regulations) and marijuana biotech where we can
bring our depth of agriculture capacities.
Accordingly, the
Calyx board has determined to cancel the dilutive non-brokered
private placement for the issuance of up to 35 million units at a
price of six cents per unit for cash proceeds of up to $2.1-million
previously announced on March 31, 2014.
About Calyx
Calyx Bio-Ventures
Inc. (TSX-VENTURE:CYX) is an agricultural technology company which
is developing early stage agriculture ventures. Calyx brings its
depth of experience, capital and other capacity, including its
proprietary intellectual property, to enhance plant yields. In
addition to Calyx's shareholding in Agrisoma Biosciences Inc., a
company which is producing a non-food energy feedstock crop for
bioenergy, Calyx is pursuing agri-pharmaceutical opportunities in
the MMPR (Marijuana for Medical Purposes Regulations) and the
agri-tech space. The medical marijuana industry is in its infancy
and is an emerging multibillion-dollar opportunity undergoing
significant regulatory and legal reform which offers strong growth
opportunities to early participants. For further information about
Calyx, please visit www.calyxbio.com.
Forward-Looking
Statements: This document contains certain forward-looking
statements concerning Calyx, as well as other expectations, plans,
goals, objectives, information or statements about future events,
conditions, or performance that may constitute "forward-looking
statements" or "forward-looking information" under applicable
securities legislation. Such statements or information involve
substantial known and unknown risks and uncertainties, certain of
which are beyond Calyx's control.
Such
forward-looking statements or information are based on a number of
assumptions, which may prove to be incorrect.
Although Calyx
believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not
be placed on forward-looking statements because Calyx can give no
assurance that such expectations will prove to be correct.
Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of
risks and uncertainties which could cause actual results to differ
materially from those anticipated by Calyx and described in the
forward-looking statements or information.
The
forward-looking statements or information contained in this news
release are made as of the date hereof and Calyx undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise unless so required by applicable
securities laws or the TSX Venture Exchange. The forward-looking
statements or information contained in this news release are
expressly qualified by this cautionary statement.
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.
Calyx Bio-Ventures Inc.Don KonantzPresident &
CEO604-649-5961dkonantz@calyxbio.comCalyx Bio-Ventures Inc.Investor
Relations:Keir
Reynolds778-998-9242kreynolds@calyxbio.comwww.calyxbio.com
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