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PT International Development Corporation Limited Provides Update Regarding Securities of Burcon Nutrascience Corporation
Vancouver, British Columbia--(Newsfile Corp. - September 18, 2017) - PT International Developm...
About this update from Burcon Nutrascience Corporation
[{"type":"text","content":"PT International Development Corporation Limited Provides Update Regarding Securities of Burcon Nutrascience CorporationVancouver, British Columbia--(Newsfile Corp. - September 18, 2017) - PT International Development Corporation Limited (formerly ITC Corporation Limited) (“PT International”) of Suite 1501, 15th Floor, Great Eagle Centre, 23 Harbour Road, Wanchai,  Hong Kong announces that on September 15, 2017, Mr. Suen Cho Hung, Paul (“Mr. Suen”) disposed, through his indirect wholly-owned company (the \"Disposition\") a total of 488,000,000 ordinary shares of par value HK$0.01 each in the issued share capital of PT International (the \"PT International Shares\"), representing approximately 28.91% of the issued share capital of PT International to a wholly-owned company of Mr. Ching Man Chun, Louis(“Mr. Ching”).  Mr. Ching does not own any other shares of PT International other than those acquired from Mr. Suen.   After the Disposition, Mr. Suen held 670,676,465 PT International Shares, representing approximately 39.72% of the issue share capital of PT International. As of September 15, 2017, PT International owns, indirectly through its wholly-owned subsidiaries, (i) 7,893,255 common shares (\"Burcon Shares\") in the capital of Burcon NutraScience Corporation (\"Burcon\"); (ii) 253,815 warrants to purchase Burcon Shares (“2016 Burcon Warrants”) at a price of $2.58 per Burcon Share (subject to adjustments) which is exercisable until November 30, 2018; and (iii) the convertible unsecured promissory note in the principal amount of $2,000,000 (the “Note”), which is convertible into 501,253 at a price of C$3.99 per Burcon Share (subject to adjustments) during the period commencing on or after July 1, 2016 and up to and including the maturity date, which is the earlier of (a) three years from the issue of the Note; and (b) the occurrence of an event of default.Prior to the Disposition, Mr. Suen held 1,158,676,465 PT International Shares, representing approximately 68.63% of the issued share capital of PT International.  He was deemed to control PT International and to beneficially own the Burcon Shares, 2016 Burcon Warrants and the Note.  As a result of the Disposition, Mr. Suen is no longer deemed to control PT International or to b...