BIOX Corporation (TSX: BX), a renewable energy company that owns and operates biodiesel production facilities, has received a non-binding offer from CFFI Ventures and affiliates whereby CFFI Ventures would acquire all of the outstanding common shares not owned for consideration of $1.23 per share.
Clearwater Fine Foods Incorporated, CFFI Ventures Inc., FP Resources Limited collectively control 16,030,913 BIOX shares (34.78%).
The transaction would value BIOX at $57.85 million in total equity value and $38.13 million to minority shareholders.
BIOX Corporation has also further extended the maturity date of a secured bridge note held by CFFI Ventures Inc. in the original aggregate principal amount of US $5,221,546 issued on January 1, 2017, from June 30, 2017 to September 30, 2017.
photo credit: BIOX Corporation