Mr. Kip Underwood reports

BURCON ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT

Burcon NutraScience Corp., further to its news release on May 8, 2023, has closed the second tranche of the fully subscribed non-brokered private placement of units of the company at an issue price of 26.5 cents per unit for gross proceeds of approximately $3.3-million.

The company has issued a further 3,211,424 units at a price of 26.5 cents per unit for aggregate gross proceeds of $851,027. The company is working to finalize closing steps for the balance of units under the offering with certain subscribers, including long-term shareholders. Together with the first tranche of the offering, Burcon has closed 71 per cent of the offering and expects to close the balance in a third and final tranche of the offering on or before May 16, 2023.

"We are pleased with the interest and support from our long-term shareholders," said Kip Underwood, Burcon's chief executing officer, adding: "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."

Each unit consists of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at a price of 35 cents per warrant share for a period of 36 months after the closing date of the offering. All securities issued in connection with the offering are subject to a statutory hold period in Canada expiring four months and one day from the closing of the private placement.

The company intends to use the proceeds from the offering to continue its research and development program, advance its continuing commercialization efforts, explore new routes to market for its commercially proven technologies, and for general corporate purposes.

The issuance of units to insiders under the offering is considered a related party transaction under Multilateral Instrument 61-101. Burcon is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 on the basis that the participation in the offering by insiders does not exceed 25 per cent of Burcon's market capitalization. The offering was unanimously approved by the disinterested directors of Burcon.

About Burcon NutraScience Corp.

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Its proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is striving to become a vertically integrated provider of specialty plant-based protein solutions that deliver on health, nutrition and sustainability. Supporting the growing trend toward a plant-based diet, Burcon is developing premium protein ingredients that it believes are better for you and better for the planet.

We seek Safe Harbor.