Calyx Announces Appointment of New Chief Executive Officer
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 4, 2013) - Calyx Bio-Ventures Inc. ("Calyx" or the "Company") (TSX VENTURE:CYX) is pleased to announce that Don Konantz has been appointed President and Chief Executive Officer. Since December, 2012, Mr. Konantz has served as one of two Calyx-appointed directors to the board of Agrisoma Biosciences Inc. ("Agrisoma"), a leading-edge agricultural technology company in which Calyx is the largest shareholder.
Mr. Konantz holds a Masters of Business Administration from the Ivey School at University of Western Ontario. He brought the College Pro Painters concept to Winnipeg and after successfully establishing it, moved to Vancouver to scale the business across the west. Mr. Konantz has thirty years of top management of dynamic, entrepreneurial companies including such international successful brands as College Pro and Colorworks. Mr. Konantz has been a consultant to Calyx for the past 6 months.
"We are very pleased that Don Konantz is joining Calyx as Chief Executive Officer," commented Hugh Notman, the Company's departing CEO. "His industry knowledge, background, and strong relationships are an ideal mix of skills to lead Calyx. His insights, leadership and experience are of significant benefit to the Company and to Agrisoma." Mr. Notman will remain on Calyx's Board of Directors.
Don Konantz commented, "I am pleased to join Calyx as President and CEO at this exciting time. The groundbreaking agricultural technologies of Agrisoma can translate into significant value for Calyx shareholders and I look forward to contributing to creating this value."
Concurrently, the Company is pleased to announce a non-brokered private placement of up to $400,000 (the "Private Placement"). The Private Placement will consist of the sale of up to 2,666,666 units (a "Unit") at a price of $0.15 per Unit. Each Unit comprises one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.35 for a period of eighteen months from the closing of the Private Placement. The Company expects that it will pay finders' fees of up to 8% of the gross proceeds raised in cash, and issue share purchase warrants of up to 8% of the total number of Units issued in connection with the Private Placement. Subject to the acceptance of the TSX Venture Exchange, such fiscal advisory fees may be paid in securities in lieu of cash.
Closing of the Private Placement is anticipated to occur on or before September 12, 2013 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issued will be subject to a standard four-month hold period. The funds raised from the Private Placement will be used for general working capital and corporate development purposes.
Calyx also announces that it has granted an aggregate of 1,950,000 stock options to directors, officers, and consultants, pursuant to its Stock Option Plan. Each stock option is exercisable into one common share of the Company at a price of $0.20 per share for a period of five years from September 3, 2013. The stock options are vested immediately, with the exception of stock options issued pursuant to investor relations activities, which will vest in quarterly installments over a period of one year in accordance with the policies of the TSX Venture Exchange.
Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agriculture technology company. It is the largest shareholder in Agrisoma Biosciences Inc., which is producing a new proprietary, non-food, energy feedstock crop carinata, which yields oil that can be refined into transportation fuels that work in existing engines as a 100 percent petroleum substitute. From seed to sky, fuels produced from carinata substantially reduce carbon and other harmful emissions, and help to reduce global petroleum dependence. 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, including the completion of the Private Placement and the delay or failure to receive regulatory approvals.
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, timing and completion of the Private Placement, the actual use of proceeds, and the timing of receipt of regulatory approvals.
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.
This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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.
President & CEO
Calyx Bio-Ventures Inc.