Business
Acquisition of Shares by Substantial Shareholder of Burcon NutraScience Corporation
Hong Kong, Hong Kong--(Newsfile Corp. - January 14, 2019) - Mr. Chan Yiu Lun, Alan (" Mr. Chan...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Acquisition of Shares by Substantial Shareholder of Burcon NutraScience CorporationHong Kong, Hong Kong--(Newsfile Corp. - January 14, 2019) - Mr. Chan Yiu Lun, Alan (\"Mr. Chan\"), a director of Burcon NutraScience Corporation (\"Burcon\"), announces that on January 14, 2019, Mr. Chan, through his indirect wholly-owned company, Large Scale Investments Limited (\"Large Scale\"), a company incorporated in the British Virgin Islands whose registered office is situate at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands, entered into a private agreement for sale and purchase with Dr. Allan Yap (\"Dr. Yap\") to acquire from Dr. Yap 1,566,719 common shares (the \"Sale Shares\") in the capital of Burcon at a total consideration of HK$1,843,000 (approximately C$311,792 based on the exchange rate of C$1 = HK$5.911) (the \"Acquisition\"). Transfer of the Sale Shares to Large Scale was to take place on January 14, 2019 after signing of the agreement. Before the Acquisition, (a) Mr. Chan, through his indirect wholly-owned companies, Large Scale and Great Intelligence Limited (“Great Intelligence”), was deemed to beneficially own (i) 9,866,568 common shares (the \"Pre-Acquisition Shares\") in the capital of Burcon, amongst which 7,225,510 common shares are held by Large Scale and 2,641,058 common shares are held by Great Intelligence; and (ii) the convertible unsecured 8% promissory note in the principal amount of C$2,000,000 (the “Note”) held by Large Scale, which is convertible into 507,614 Burcon common shares at a price of C$3.94 per share (subject to adjustments) during the period commencing on or after July 1, 2016 and up to and including the maturity date, which is the earlier of (a) three years from the issue of the Note; and (b) the occurrence of an event of default; and     (b) Mr. Chan does not hold any Burcon common shares but holds 210,844 options (the “Chan Options”) issued by Burcon, which are exercisable by Mr. Chan to purchase Burcon common shares at various exercise prices ranging from C$0.69 to C$8.65 per share.     As a result of the Acquisition, the number of Burcon shares held by Large Scale increased from 7,225,510 to 8,792,229. Since Mr. Chan was deemed to control Large Scale and Great Intelligence, he wa...