Mr. Michael Kirwan
reports
BURCON ANNOUNCES ISSUANCE OF CONVERTIBLE NOTE
Pursuant to a convertible note purchase agreement Burcon NutraScience Corp. entered into on April 7, 2016, with Large Scale Investments Ltd., the company has received financing from the lender and has issued a convertible note to the lender for the principal amount of $2-million. The lender is a wholly owned subsidiary of ITC Corp. Ltd. 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 Securityholders 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 for general corporate purposes.
We seek Safe Harbor.
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