Chudleigh Ventures Inc. Announces Increase of its Private Placement to $6.1-$8.5 Million
20 November 2009 - 10:50PM
Marketwired
Chudleigh Ventures Inc. ("Chudleigh") (TSX VENTURE: CLV.P), a
Capital Pool Company, is pleased to announce it will increase the
size of its previously announced private placement that will close
concurrently with its Qualifying Transaction. Chudleigh now intends
to offer (the "Offering") a minimum of 24.4 million units and a
maximum of 34 million units, at a subscription price of $0.25 per
unit, for gross proceeds of between $6.1 million and $8.5 million.
Each unit will consist of one common share and 1/2 warrant, each
whole warrant entitling the holder to acquire one additional common
share at a purchase price of $0.40 for a 24 month period.
Chudleigh had previously announced on November 7, 2008 and
September 29, 2008 the terms of its Qualifying Transaction (as that
term is defined by the policies of the TSX Venture Exchange)
whereby it will complete a business combination with Sweet Diabetic
Delight Foods Inc., doing business as Xylitol Canada ("Xylitol
Canada"). Xylitol Canada entered into a joint venture with SunOpta
BioProcess Inc. ("SBI") on March 27, 2008 pursuant to which the
parties developed a proprietary xylitol production process (the
"Joint Venture"). Xylitol Canada and SBI have entered into a
non-binding term sheet whereby SBI has agreed to contribute the
assets developed in the Joint Venture to Xylitol Canada and supply
Xylitol Canada with sufficient feedstocks to enable Xylitol Canada
to operate a pilot production facility as well as provide
assistance and expertise for the operation of such a facility, in
exchange for SBI becoming a 50% holder of Xylitol Canada's issued
and outstanding common shares.
Canaccord Capital Corporation will act as lead agent and has
agreed to act on a commercially reasonable efforts basis with
respect to the Offering. The proceeds from the Offering will be
used for the construction of a pilot plant to test commercial scale
production of xylitol, a natural sweetener, and for general working
capital purposes.
Completion of the transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance.
There can be no assurance that the transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release. 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.
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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