Bioceres Crop Solutions raises $42.5 Mn to accelerate the launch of HB4 technology  

The Company intends to use proceeds to accelerate launch of its HB4 technology – a drought and salinity tolerance seed solution available for soybean and wheat crops.  

source- shutterstock

source- shutterstock

 

 

 Bioceres Crop Solutions Corp. ("Bioceres" or the "Company") (NYSE American: BIOX), a fully integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, recently announced the closing of $42.5 million secured convertible promissory notes due 2023 (the "Notes") in a private placement led by Boston-based Solel Partners LP. The Company intends to use proceeds to accelerate launch of its HB4 technology – a drought and salinity tolerance seed solution available for soybean and wheat crops. Next generation seed varieties integrating HB4 technology with proprietary seed-treatment biologicals are currently being multiplied under the EcoSoy™ and EcoWheat™ product denominations.

 "With the issuance of these Notes we have put in place the necessary funding to transition HB4 crops’ acreage from the 'thousands' to the 'hundreds of thousands' over the next crop cycle, as well as accelerate breeding and business collaborations to access incremental geographies, with the main focus on the United States and Brazil," indicated Federico Trucco, Bioceres’ Chief Executive Officer.

 "In addition to providing HB4-related working capital, this facility will help us improve our overall debt profile by terming-out maturities and reducing interest expenses, mainly by discontinuing inefficient sources of working capital. This transaction together with the February 14, 2020, public bond issuance of our subsidiary Rizobacter Argentina S.A., is part of an ongoing process to strengthen our balance sheet as we prepare to seize the growth opportunities that we have patiently built over many years" Commented Enrique Lopez Lecube, Chief Financial Officer of the Company.

 "This transaction is also well aligned with our efforts towards increasing trading liquidity of our stock. Our commitment to strengthening our financial position and building value for our shareholders is underscored by what we are announcing today," concluded Lopez Lecube.

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