Burcon NutraScience Corporation, a R&D company developing a portfolio of patents around its plant protein extraction and purification technology, has closed the final tranche of its private placement of 1,800,000 units for gross proceeds of C$3.33m (US$2.2m) as announced on 12 April 2002.
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The final 185,606 units, at the previously announced price of C$1.85 per unit, each unit consisting of one common share and one non-transferable share purchase warrant to purchase an additional common share at a price of C$1.85 per share exercisable for a two-year period, were issued on 31 May 2002.
All common shares issued under this final tranche together with any common shares issuable on the exercise of the share purchase warrants have a hold period expiring 1 October 2002.
Johann F. Tergesen, president and COO, added that the proceeds from the placement will enable Burcon to initiate engineering development; pursue functionality development initiatives relating to its proteins; initiate nutrition profiling; further accelerate its patent activities; prepare for regulatory approval of its proteins for human consumption; hire additional scientific personnel, and provide general working capital.
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