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Burcon Closes Over-Subscribed $4.3 Million Non-Brokered Private Placement to Accelerate Commercial Plans
Vancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Burcon NutraScience Corporation ...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Closes Over-Subscribed $4.3 Million Non-Brokered Private Placement to Accelerate Commercial PlansVancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce the successful closing of an over-subscribed non-brokered private placement of units of the Company (the \"Units\") at an issue price of $0.215 per Unit for gross proceeds of $4,364,160 (the \"Offering\"). Principal subscribers include Company directors, management, long-term shareholders, and new investors in support of Burcon's long-term vision. \"We are excited to announce the successful completion of our private placement and combined with non-dilutive capital sources, fully funds our business plan to cash flow positive,\" said Kip Underwood, Burcon's chief executive officer. \"In response to significant customer interest for our protein offerings, we are accelerating our commercial plans. We see a clear path to profitability and are ready to execute. Finally, we want to thank both long-term and new investors for their confidence in us. Their overwhelming support allowed us to exceed our funding goal.\"Pursuant to the Offering, the Company issued 20,298,418 Units at a price of $0.215 per Unit. Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share (each a \"Warrant Share\") at a price of $0.27 per Warrant Share for a period of 24 months after the closing date of the Offering. All securities issued in connection with the Offering are subject to a statutory hold period in Canada expiring four months and one day from the closing of the private placement.In connection with the Offering, the Company paid eligible finders an aggregate cash finder fee of $5,160, representing a cash commission of 4% of the gross proceeds of subscribers introduced to the Company by such finders.The Company intends to use the proceeds from the Offering to accelerate its commercial plans to meet the surging customer demand for its protein products, accelerate launch plans for its protein ...