BioAmber Inc. (NYSE:BIOA; TSX:BIOA) acquired the remaining 38.9% stake in BioAmber Sarnia Inc. (‘Sarnia') from Mitsui & Co., Ltd. (TSE:8031) (‘Mitsui') for a nominal consideration of CAD 1 on August 1, 2017. As further consideration, BioAmber and Sarnia have agreed to indemnify Mitsui for any payments made to its guarantee of Sarnia's obligations under a CAD 20 millioncommercial loan agreement with Comerica Bank, Export Development Canada and Farm Credit Canada and the other parties thereto and Sarnia's CAD 15 million loan agreement with the Minister of Economic Development and Trade of Ontario, Canada. Following the closing of the transaction, BioAmber will own 100% of the Sarnia production facility. Mitsui's divestiture of their equity stake in the Sarnia joint venture follows a review of their previously announced corporate strategy. Mitsui will still continue to distribute BioAmber's bio-succinic acid in Asia and other markets following the deal. Pursuant to the agreement, members Sarnia's board of directors nominated by Mitsui will resign effective August 1, 2017.

BioAmber Inc. (NYSE:BIOA; TSX:BIOA) completed the acquisition of the remaining 38.9% stake in BioAmber Sarnia Inc. from Mitsui & Co., Ltd. (TSE:8031) on August 1, 2017.