Burcon Raises $16.9 Million, Lists on TSX

The Corporation issued an aggregate of 2,942,950 common shares (including 333,950 common shares pursuant to the partial exercise of the Agents’ over-allotment option) at a price of $5.75 per share for gross proceeds of approximately $16.9 million.

19/06/09 Burcon NutraScience Corporation has announced that it has completed its previously announced financing led by Paradigm Capital Inc., and including BMO Capital Markets and Haywood Securities Inc. (collectively, the “Agents”). The Corporation issued an aggregate of 2,942,950 common shares (including 333,950 common shares pursuant to the partial exercise of the Agents’ over-allotment option) at a price of $5.75 per share for gross proceeds of approximately $16.9 million (the “Offering”). In addition, Burcon’s common shares will now be listed on the Toronto Stock Exchange (the “TSX”).

The net proceeds of the Offering will be used for continued research and development of Burcon’s soy protein isolate extraction and purification technology (CLARISOY), further refining of Burcon’s canola protein isolate extraction and purification technology (Puratein and Supertein), filing new patent applications and expanding Burcon’s intellectual property portfolio, and for general working capital purposes, all as more particularly set out in Burcon’s final prospectus dated June 10, 2009.

“We are pleased with the strong response from our new institutional shareholders, particularly at a time when access to capital remains difficult. The completion of this financing serves as a validation of the potential of our products and technologies,” said Johann F. Tergesen, President and Chief Operating Officer, adding, “This financing greatly strengthens Burcon's balance sheet, providing important flexibility to entertain a broad range of potential strategic alliances arising from our recently announced soy protein isolate technology and CLARISOY.”

The Agents received a commission equal to 6% of the gross proceeds of the Offering and compensation options entitling the Agents to purchase up to 117,718 common shares (equal to 4% of the common shares sold pursuant to the Offering). Each compensation option is exercisable to acquire one common share of the Corporation at an exercise price of $5.75 per share at any time before and including December 18, 2010.

On June 1, 2009, the TSX conditionally approved the Corporation's application for listing its common shares on the TSX. Listing of the Corporation’s common shares was subject to fulfilling all of the listing requirements of the TSX by August 28, 2009, including raising gross proceeds of $10 million. With the closing of today’s financing those requirements have now been met. The common shares of the Corporation have now been listed and posted for trading on the TSX under the symbol “BU”.

Since 1999, Burcon has developed a portfolio of composition, application, and process patents originating from our core protein extraction and purification technology. We are developing the world's first commercial canola proteins, Puratein and Supertein with unique functional and nutritional attributes, and Clarisoy, a revolutionary soy protein isolate which is 100% soluble and completely transparent in acidic solutions. Our team of highly specialized scientists and engineers work from our own research facility to develop and optimize environmentally sound technologies. To-date, our patent portfolio consists of 84 issued patents in various countries, including 8 issued U.S. patents, and well in excess of 200 additional pending patent applications, 55 of which are U.S. patent applications.