Burcon NutraScience Corporation has closed the second tranche of its non-brokered private placement, raising approximately $3.3 million in gross proceeds.
The company issued 3,211,424 units at a price of $0.265 per unit, bringing the total closed amount of the offering to 71%.
Burcon said it expects to close the remaining balance in a third and final tranche by May 16, 2023.
Under the terms of the private placement, each unit consists of one common share and one common share purchase warrant, which allows the holder to purchase one additional common share at $0.35 per share within 36 months.
The proceeds from the offering will be used for research and development, commercialization efforts, exploring new routes-to-market, and general corporate purposes.
"We are pleased with the interest and support from our long-term shareholders," said Kip Underwood, Burcon's CEO.
"Our fundraising efforts have reignited the excitement for Burcon's potential to capture a part of the growing specialty food ingredient market. We look forward to closing the private placement early next week and moving ahead on our Burcon 2.0 strategy."
Contact Angela at angela@proactiveinvestors.com
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