Bio-Treat

Bio-Treat: revises proposed 3-for-5 rights issue to 1-for-1 rights issue. To reduce costs, the rights will not be underwritten. Rights issue price however, remains unchanged at $0.04, a 58% discount to last close at $0.095. Company expects to receive gross proceeds of $40m, instead of $24m previously, with 80% of proceeds to be used to redeem outstanding Marked Down Bonds, and remainder to be used for working capital.