VANCOUVER, June 3 /CNW/ - Burcon NutraScience Corporation (TSXV: BU) today announced that it has closed the final tranche of its private placement of 1,800,000 units for gross proceeds of $3.33 million as announced on April 12, 2002. The final 185,606 units, at the previously announced price of $1.85 per unit, each unit consisting of one common share and one non-transferable share purchase warrant to purchase an additional common share at a price of $1.85 per share exercisable for a two-year period, were issued on May 31, 2002. All common shares issued under this final tranche together with any common shares issuable on the exercise of the share purchase warrants have a hold period expiring October 1, 2002.As previously announced, the proceeds from the placement will enable Burcon to:
- Initiate engineering development, further refine Burcon's protein extraction and purification technology and pursue new related products,
- Pursue functionality development initiatives relating to Burcon's proteins,
- Initiate nutrition profiling of Burcon's proteins,
- Further accelerate Burcon's patent activities,
- Prepare for regulatory approval of Burcon's proteins for human consumption,
- Hire additional scientific personnel, and- Provide general working capital. Burcon paid no commission or finder's fee for this placement.
Burcon is a research and development company developing a portfolio of composition, application and process patents around its plant protein extraction and purification technology. The goal of Burcon's research is to develop its patented process to utilize inexpensive oilseed meals for the production of purified plant proteins that exhibit valuable nutritional, functional or nutraceutical profiles. Burcon is currently focusing its efforts on developing the world's first commercial canola proteins, Puratein(TM) and Supertein(TM). Canola, recognized for its nutritional qualities, is Canada's largest oilseed crop and the second-largest oilseed crop in the world after soybeans. Burcon's goal is to develop Puratein and Supertein to participate with soy, dairy and egg proteins in the expanding multi-billion-dollar protein ingredient market, with potential uses in prepared foods, nutritional supplements and personal care products.
ON BEHALF OF THE BOARD OF DIRECTORS
Johann F. Tergesen
President & Chief Operating Office