Shareholders will receive one right for every share held as of Feb. 19
By Devika Patel
Knoxville, Tenn., Feb. 7 - Burcon NutraScience Corp. said it will raise C$5.25 through a rights offering of common stock.
The company is selling 1,860,276 rights. It will offer one right for every common share held as of Feb. 19. Every 17 rights will be exercisable for one common share at C$2.82 apiece, which is 81% of the volume weighted average trading price of the stock for the five days prior to Feb. 5, the company said in a press release.
The company will offer any shares not sold in the rights offering to ITC Corp. Ltd., E-Concept Ltd. and I-Global Ltd.
Proceeds will be used for research, development and commercialization of the company's protein extraction and purification technologies, filing new patent applications, maintaining and expanding the company's intellectual property portfolio, product development agreements and general working capital.
The Vancouver, B.C., company develops protein extraction and purification technology and plant-based proteins.
| Issuer: | Burcon NutraScience Corp.
|
| Issue: | Common stock
|
| Amount: | C$5,245,978
|
| Shares: | 1,860,276
|
| Price: | C$2.82
|
| Warrants: | No
|
| Pricing date: | Feb. 7
|
| Stock symbol: | Nasdaq: BUR
|
| Stock price: | $3.17 at close Feb. 6
|
| Market capitalization: | $98.67 million
|
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