|Burcon Nutrascience Corporation - BU.t is a leader in plant-based food technologies for feeding our growing world.|
The company specializes in high-quality, functionally and nutritionally superior plant-based proteins.
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Burcon NutraScience Corporation (TSX: BU), a global leader in developing functionally and nutritionally valuable plant-proteins, is pleased to provide an update of its recent development activities.
Burcon has now funded its share of the initial capital contribution to Merit Functional Foods Corporation (“Merit Foods” or “Merit”) by using a portion of the net proceeds from the over-subscribed rights offering, which closed on June 25th. As previously announced on May 23, 2019, Burcon and its joint venture partners had agreed that on or before July 2, 2019, they would make initial capital contributions to Merit Foods in the aggregate amount of $10,000,000, with Burcon’s 40% share being $4,000,000. The full $10,000,000 of initial capital contributions have now been completed by the joint venture partners.
Burcon NutraScience Corporation is pleased to announce that it will be offering rights to holders of its common shares of record at the close of business on May 30, 2019. Pursuant to the Rights Offering, each holder of Common Shares will receive one transferable right for each Common Share held. Each Right will entitle a holder to purchase one Common Share at a price of $0.35. The Subscription Price is equal to approximately a 46.0% discount to the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange for the 5-day period ending on May 22, 2019. A maximum of 43,941,536 Common Shares will be issued pursuant to the Rights Offering, representing 100% of the currently issued and outstanding Common Shares.