BioExx Specialty Proteins Ltd. (TSX:BXI) announced a non brokered private placement of convertible debentures for minimum gross proceeds of CAD 1,000,000 and maximum gross proceeds of CAD 3,000,000 on October 23, 2012. The debentures carry a coupon rate of 12% and will mature in three years from the date of issuance. The debentures are convertible into units at a conversion price of CAD 0.10 per unit.

Each unit consists of one common share and one half of a share purchase warrant. Each warrant entitles the holder to purchase a share of the company at an exercise price of CAD 0.15 per share for a period of three years from the date of issuance. The transaction will see participation from accredited investors in Canada, United States, and internationally.

Minimum investment accepted from any outside investor is CAD 10,000. The transaction is expected to close on or about November 16, 2012. The transaction may see participation from insiders' of the company for CAD 750,000.