Vancouver, BC-based Burcon NutraScience Corp, an R&D company developing a portfolio of composition, application and process patents around its plant protein extraction and purification technology, announced today that it intends to issue on a private placement basis, up to 1,800,000 Units at a price of C$1.85 per Unit for gross proceeds of about C$3,330,000.
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Completion of the private placement is subject to regulatory approval.
Each Unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of C$1.85 (US$1.17) per share for a period of two years from the date of issue of the Units. The Units will be subject to a four-month hold period under CDNX policy and applicable securities legislation and policy.
Johann F. Tergesen, president and COO, revealed that the net proceeds from the private placement will be used to:
·Initiate engineering development, further refine Burcon’s protein extraction and purification technology and pursue new related products,
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By GlobalData·Pursue functionality development initiatives relating to Burcon’s proteins,
·Initiate nutrition profiling of Burcon’s proteins,
·Further accelerate Burcon’s patent activities,
·Prepare for regulatory approval of Burcon’s proteins for human consumption,
·Hire additional scientific personnel, and
·Provide general working capital.
Burcon has been advised that insiders intend to purchase approximately 700,000 Units from the placement. The placement is non-brokered and no commission or finder’s fee is payable by Burcon.
