An unknown buyer signed binding purchase agreement to acquire certain protein processing equipment and ancillary assets from BioExx Specialty Proteins Ltd. for $3.5 million.

An unknown buyer signed binding purchase agreement to acquire certain protein processing equipment and ancillary assets from BioExx Specialty Proteins Ltd. (TSX:BXI) for $3.5 million on July 9, 2013. In a related transaction, BioExx Specialty also agreed to sell its land, building, and certain canola crushing assets for $7.5 million. The closing is subject to customary terms, including completion of definitive documentation, and approval of secured creditors.

The transaction is expected to close on or about July 31, 2013. BioExx intends to use the proceeds of the asset sales to fully repay its first secured creditor, in the amount of approximately $7.2 million plus any additionally accrued interest to the repayment date. The balance of the proceeds is intended to be allocated to service other debts as required, and for general working capital.