Business
Burcon Increases Previously Announced Non-Brokered Private Placement of Convertible Debentures to $9 Million
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2019) - Burcon NutraScience Corpor...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon Increases Previously Announced Non-Brokered Private Placement of Convertible Debentures to $9 MillionVancouver, British Columbia--(Newsfile Corp. - November 28, 2019) - Burcon NutraScience Corporation (TSX: BU) (\"Burcon\" or the \"Company\"), a global technology leader in the development of plant-based proteins, is pleased to announce that, based on orders received, it has increased its previously announced non-brokered private placement (see news release of the Company dated November 25, 2019) of convertible debentures (the \"Convertible Debentures\") from an aggregate principal amount of $4 million to $9.5 million (the \"Offering\"). Each Convertible Debenture will consist of $1,000 principal amount, bear interest at a rate of 8.5% per annum, payable semi-annually in arrears, and be unsecured. The principal amount outstanding under the Convertible Debentures and all accrued and unpaid interest thereon will be payable in cash thirty-six (36) months from the date of issuance of the Convertible Debentures. The Convertible Debentures will be convertible at the option of the holder, in whole or in part, into common shares of the Corporation (the \"Shares\") at a conversion price of $1.05 per Share (the \"Conversion Price\"). Burcon will have the right, at its sole discretion, to force the conversion of the Convertible Debentures if the Shares trade at or above $2.15 per share for a period of 14 consecutive trading days. The Convertible Debentures and the Shares issuable upon conversion of the Convertible Debentures will be subject to a four month and one day statutory resale restriction pursuant to applicable Canadian securities laws. The Company will pay a cash finder's fee in connection with the Offering to certain finders not to exceed 4.5% of the gross proceeds received from investors introduced to the Company by the finders. The Company intends to use the net proceeds from the Offering as set out in its news release dated November 25, 2019 announcing the initial Offering.The Offering is expected to close on or about December 10, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX.The securities being offered under the Offering have not been and will not be registered under the United States Securities Act of 1933, ...