Xylitol Canada Announces Exercise of Convertible Debenture; Creation of a New Control Person
November 29 2013 - 8:42AM
Marketwired
Xylitol Canada Announces Exercise of Convertible Debenture;
Creation of a New Control Person
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.
Xylitol Canada Inc.Andrew ReidPresident and CEO(416)
288-1019areid@xylitolcanada.com
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