Business
Burcon: Merit Functional Foods Expanding Production Capacity
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2020) - Burcon NutraScience Corporation ...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"Burcon: Merit Functional Foods Expanding Production CapacityArranges $85 Million Debt Financing PackageVancouver, British Columbia--(Newsfile Corp. - May 4, 2020) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BUROF) (\"Burcon\"), a global technology leader in the development of plant-based proteins, is pleased to announce that its joint venture company, Merit Functional Foods Corporation (\"Merit Functional Foods\" or \"Merit\") has secured a debt financing package of up to $85 million of capital from a syndicate of lenders including Export Development Canada, Farm Credit Canada and the Canadian Imperial Bank of Commerce. \"We are thrilled with Merit's decision to expand production capacity at Merit's state-of-the-art plant protein production facility currently under construction,\" said Johann F. Tergesen, Burcon's president and chief executive officer, adding, \"We are equally thrilled that Merit has arranged such a substantial debt funding package.\"Merit Functional Foods is building a 94,000 square foot production facility in Winnipeg to produce high quality pea and canola proteins. The state-of-the-art facility, which is scheduled to be completed in Q4 2020, will be the only commercial facility in the world with the capability to produce food grade canola proteins. This financing will support Merit Functional Foods' growth plans and allow for expansion of their pea and canola protein production capacity. Merit's product portfolio currently consists of three product family offerings: pea protein, non-GMO canola protein, and MeritPro™, a unique lineup of nutritionally complete protein blends. Its entire portfolio aligns with a number of consumer label preferences, including allergen-free, gluten-free, non-dairy, non-GMO, and vegan.Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. EDC's mandate is to support and develop Canada's export trade by helping Canadian companies respond to international business opportunities including those in the cleantech and agriculture sectors. As Canada's largest financier of clean technologies they provide insurance and financial services, bonding products and small business solutions to Canadian exporters and investors and their international buyers while adhering to a commitment to sus...