- Burcon (BU) has closed the first tranche of its fully subscribed non-brokered private placement for gross proceeds of approximately $3.3 million
- The company intends to use the proceeds to continue its research and development program, advance its ongoing commercialization efforts, explore new routes-to-market for its commercially proven technologies and for general corporate purposes
- Burcon is a global technology leader in the development of plant-based proteins for foods and beverages
- Burcon Nutrascience Corporation (BU) is down 4.00 per cent, trading at C$0.24 per share at 2:45 pm ET
Burcon (BU) has closed the first tranche of its fully subscribed non-brokered private placement for gross proceeds of approximately $3.3 million.
In the first tranche, the company issued 5,784,802 units at $0.265 per unit for aggregate gross proceeds of approximately $1.53 million. It expects to close the second tranche of the offering on or before May 11, 2023.
The offering is for the proposed issuance of 12,741,321 units. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.35 for 36 months after the closing date.
All securities issued in connection with the offering are subject to a statutory hold period of four months.
The company intends to use the proceeds to continue its research and development program, advance its ongoing commercialization efforts, explore new routes-to-market for its commercially proven technologies and for general corporate purposes.
About Burcon NutraScience
Burcon is a global technology leader in the development of plant-based protein for food and beverages. The company has an extensive patent portfolio covering its novel plant-based protein derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources.
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