Business
Burcon Announces Fiscal 2020 Results and Reviews Operations
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2020) - Burcon NutraScience Corporatio...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Announces Fiscal 2020 Results and Reviews OperationsVancouver, British Columbia--(Newsfile Corp. - June 29, 2020) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BUROF), a global leader in developing functionally and nutritionally valuable plant-proteins, reported results for the year ended March 31, 2020. \"Fiscal 2020 was truly a transformational year for Burcon,\" said Johann F. Tergesen, Burcon's president and chief executive officer, adding, \"Coming out of the year, we have a strong balance sheet, we established the Merit Functional Foods joint venture and we partnered with Nestlé, the largest food and beverage company in the world. Through the Merit Foods joint venture, we are well advanced in building a state-of-the-art production facility to produce our unique pea and canola proteins as well as our new protein blends. The production facility, which is on track to be completed in Q4 2020, will be the only commercial facility in the world with the capability to produce non-GMO food grade canola proteins.\"Fiscal 2020 Operational HighlightsThe Company completed / announced the following significant developments:The establishment of Merit Functional Foods Corporation (\"Merit Foods\") a joint venture partnership with three veterans of the agri-foods industry to build and operate a plant protein production facility;Made equity contributions totalling $13.0 million to Merit Foods for a 40% equity stake in the joint venture;Announced Burcon's new novel and proprietary Nutratein-PS™, and Nutratein-TZ™ pea and canola protein blends. These new plant-protein blends have exceptional functional characteristics, low allergenicity, and a nutritional value exceeding those of the standard pea proteins available on the market today;Entered into a 20-year exclusive, royalty-bearing license agreement with Merit Foods for Burcon's pea and canola protein technologies; Completed a $15.4 million rights offering that was 37% over-subscribed (60,572,585 total shares subscribed-for);Entered into a joint development agreement with Nestlé to tailor Burcon and Merit Foods' plant-based proteins for use in Nestlé's food and beverage applications;Issued $9.5 million of convertible debentures;Merit Foods was granted funding of $9.2 million from Protein Industries Canada; andCompleted a $11.5 million bought deal eq...