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Australian company buys into Canadian manufacturer

Published by Steve Coleman on August 22, 2011

A Canadian company making x-ray flux for the Canadian and U.S. markets is going international with the help of an Australian angel.

Australian company XRF Scientific has purchased 19.9 per cent of Quebec-based manufacturer Gestion Scancia Inc. for $204,000 and included a $153,000 loan for up to 27 months as a part of the deal.

The Canadian company was established to commercialize an automatic manufacturing process developed by Dr. Louis Croisetiere.

If the loan is converted to equity instead of being repaid, the Australian partner would own 29.9% of Scancia.

As a part of buying into the company, XRF bought exclusive distribution rights for Scancia products in Australasia.

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