A leading group of global institutional investors subscribed for the shares, with BlackRock putting in $23 million for 1,150,000 shares and 497,030 warrants representing 77% of the offering. The financing was completed at a pre-money valuation of US$200 million. As a result, SunOpta and the management of the former SunOpta BioProcess Group have retained approximately 87% of SunOpta BioProcess Inc.

BlackRock, a global investment firm with about US$1.1 trillion under management, now has about a 10% stake in SunOpta BioProcess.

This financing represents a strong endorsement of our technology and leadership position in cellulosic ethanol. Proceeds will be used to continue development of our leading edge and patented biomass conversion technologies and accelerate efforts to build and operate the world's first commercial scale facility for the conversion of cellulosic biomass to ethanol.

—Murray Burke, President of SunOpta BioProcess

SunOpta BioProcess Inc. (SBI) designs, constructs and optimizes biomass conversion process technologies, equipment and facilities. SBI produces cellulosic ethanol, cellulosic butanol, xylitol, and dietary fiber for human consumption; and is currently supplying equipment and process technology to the first three commercial demonstration cellulosic ethanol projects in the US, Spain, and China. (Earlier post.) SunOpta BioProcess Inc. intends to build and own or co-own commercial scale cellulosic ethanol production facilities worldwide through relationships such as the previously announced Joint Venture with GreenField Ethanol, Canada’s largest ethanol producer. (Earlier post.)

(A hat-tip to Shmuli!)