Business
Burcon Announces Details of Over-Subscribed Rights Offering
Vancouver, British Columbia--(Newsfile Corp. - July 4, 2019) - Burcon NutraScience Corporatio...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces Details of Over-Subscribed Rights OfferingVancouver, British Columbia--(Newsfile Corp. - July 4, 2019) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\"), a leader in developing functionally and nutritionally valuable plant proteins, is pleased to announce that, further to its press release dated June 26, 2019 with respect to the completion of Burcon's rights offering (the \"Rights Offering\"), the Rights Offering was over-subscribed and, as such, Burcon has issued 44,083,203 Common shares of Burcon (\"Common Shares\") at a price of $0.35 per share for aggregate gross proceeds to Burcon of $15,429,121 under the Rights Offering.\"I am pleased to confirm the successful closing of Burcon's rights offering, and thrilled to note that the offering was strongly over-subscribed, indicating a true vote of confidence from our shareholders,\" said Johann F. Tergesen, Burcon's president and chief executive officer, adding, \"Burcon now has the funds it needs to complete its investment in the Merit Functional Foods joint venture, repay its outstanding indebtedness and fund its ongoing research and development.\" The Rights Offering was over-subscribed by $5,771,284 or 16,489,382 Common Shares due to the demand for the Common Shares. Total subscriptions, including those exercised pursuant to the additional subscription privilege, represented $21,200,405, or more than 37% of the Common Shares available under the Rights Offering.A total of 40,929,534 Common Shares were issued pursuant to the basic subscription privilege of the Rights Offering. Of these, 14,526,735 Common Shares were issued to insiders of Burcon and 26,402,799 Common Shares were issued to all other persons. A total of 3,153,669 Common Shares were issued pursuant to the additional subscription privilege of the Rights Offering. Of these, 321,579 Common Shares were issued to insiders of Burcon and 2,832,090 Common Shares were issued to all other persons. Following completion of the Rights Offering, Burcon had 88,166,406 Common Shares issued and outstanding.To the knowledge of Burcon, after reasonably inquiry, no persons became an insider of Burcon from the distribution under the Rights Offering. To the knowledge of Burcon, after reasonable inquiry, all directors, senior officers and persons controlling over 10% of the Common Shares of the Company (collectivel...