Burcon Announces Issuance of Convertible Note
May 12 2016 - 4:30PM
Burcon NutraScience Corporation (TSX:BU) (NASDAQ:BUR) (“Burcon”)
announced today that, pursuant to a convertible note purchase
agreement (the “Agreement”) it entered into on April 7, 2016 with
Large Scale Investments Limited (the “Lender”), it has received
funding from the Lender and issued a convertible note (the “Note”)
to the Lender for the principal amount of $2,000,000. The
Lender is a wholly-owned subsidiary of ITC Corporation
Limited. The terms of the Agreement and the Note were
disclosed in a press release of Burcon dated April 7, 2016. Burcon
has also filed a material change report on April 8, 2016 containing
the prescribed disclosure under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions.
The net proceeds from the issuance of the Note will
be used for continued research and development of Burcon’s protein
extraction and purification technologies, commercialization of
Burcon’s pea protein technology, continued work on Burcon’s
intellectual property portfolio and general corporate purposes.
About Burcon NutraScience Corporation
Burcon NutraScience is a leader in developing
functionally and nutritionally valuable plant- based proteins. The
company has developed a portfolio of composition, application, and
process patents originating from a core protein extraction and
purification technology.
Burcon’s CLARISOY™ soy protein offers clarity
and high-quality protein nutrition for low pH beverage systems and
excellent solubility and exceptionally clean flavor at any pH;
Peazazz® is a uniquely soluble and clean-tasting pea protein; and
Puratein®, Supertein® and Nutratein® are canola protein isolates
with unique functional and nutritional attributes. For more
information about the company, visit www.burcon.ca.
The TSX has not reviewed and does not accept
responsibility for the adequacy of the content of the information
contained herein. This press release contains forward-looking
statements or forward-looking information within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Forward-looking
statements or forward-looking information involve risks,
uncertainties and other factors that could cause actual results,
performances, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward- looking statements or forward-looking information can be
identified by words such as “anticipate,” “intend,” “plan,” “goal,”
“project,” “estimate,” “expect,” “believe”, “future,” “likely,”
“may,” “should,” “could”, “will” and similar references to future
periods. All statements other than statements of historical fact
included in this release are forward-looking statements, including,
without limitation, statements regarding the use of proceeds and
other expectations, intentions and plans contained in this press
release. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements or
information. Important factors that could cause actual results to
differ materially from Burcon’s plans and expectations include the
actual results of business negotiations, marketing activities,
adverse general economic, market or business conditions, regulatory
changes and other risks and factors detailed herein and from time
to time in the filings made by Burcon with securities regulators
and stock exchanges, including in the section entitled “Risk
Factors” in Burcon’s annual information form dated June 23, 2015
filed with the Canadian securities administrators on
www.sedar.com and contained in Burcon’s 40-F filed with the
U.S. Securities and Exchange Commission on www.sec.gov. Any
forward-looking statement or information only speaks as of the date
on which it was made and, except as may be required by applicable
securities laws, Burcon disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. Although Burcon believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance, and accordingly, investors should not rely on such
statements.
CLARISOY is a trademark of Archer Daniels Midland Company.
Media & Industry Contact:
Michael Kirwan
Director, Corporate Development Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
mkirwan@burcon.ca
www.burcon.ca
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