June 07, 2007
SunOpta Inc. (TSX:SOY) (“SunOpta”) transferred to SunOpta BioProcess Inc. (“SBI”), then a wholly-owned subsidiary of SunOpta, all of the property, assets, liabilities, undertaking and rights comprising the BioProcess Division of SunOpta, in consideration of the issuance by SBI to SunOpta of an aggregate of 9,199,900 common shares of SBI pursuant to the terms and conditions of an asset purchase agreement. Immediately following the completion of the transfer of the BioProcess Division, SBI issued and sold an aggregate of 1,500,000 Series A convertible preferred shares on a private placement basis for total gross proceeds to SBI of US$30,000,000. For each preferred share of SBI purchased pursuant to the private placement, the purchaser also received approximately 0.4322 of a common share purchase warrant of SunOpta. Canaccord Adams acted as agent in respect of the private placement.
Wildeboer Dellelce LLP acted for SunOpta and SBI with a team that included Troy Pocaluyko, James Brown, Sanjeev Patel (corporate/securities) and Kevin Fritz (tax).