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June 23, 2014
07:37 EDTBIOABioAmber secures C$20M loan for Sarnia plant
BioAmber announced that its Canadian subsidiary BioAmber Sarnia, a joint venture with Mitsui & Co., has secured a C$20M commercial loan from a financial consortium led by Export Development Canada and including Farm Credit Canada and Comerica Bank. The C$20M senior secured loan will bear interest at an initial rate of 8%, tied to an agreed-on floating rate calculation from disbursement. When completed, the plant will convert Canadian agricultural products into bio-based succinic acid, a value added building block chemical that is used in a wide variety of everyday products. BioAmber projects that over 90% of the 30,000 MT annual capacity will be exported.
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October 2, 2015
09:21 EDTBIOABioAmber and Mitsui's JV begins shipping bio-succinic acid
BioAmber (BIOA) announced that its Sarnia joint venture with Mitsui & Co. (MITSY) has begun shipping bio-succinic acid to customers and is operating its manufacturing process at commercial scale, meeting a significant company milestone. BioAmber has confirmed the performance of its proprietary yeast in the production fermenters in Sarnia. The fermentation performance achieved is significantly above the initial targets set for 2015, and the yield and productivity levels already exceed the targets the plant was designed to hit longer term. The bio-succinic acid being produced is of higher quality than the product previously produced in the demonstration plant located in France. Initial shipments have started to customers so they can confirm the quality of the bio-succinic acid produced in the Sarnia plant. Management expects the Sarnia plant to be in commercial operation later this month and to increase production volumes progressively to reach full capacity in 2017.

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