Burcon NutraScience to raise C$10 million via bought deal

Burcon NutraScience

28/01/2020 23:06

Jan 28 (Reuters) - Plant-based proteins maker Burcon
NutraScience  BU.TO  said on Tuesday it had secured C$10 million
($7.6 million) through a bought deal, just days after food giant
Nestle SA  NESN.S  teamed up with the Canadian company.
    Burcon said it intends to use net proceeds from the bought
deal for expansion and general corporate purposes.
    The company said a syndicate of underwriters co-led by
Canaccord Genuity Corp and Beacon Securities Ltd has agreed to
buy 6.45 million units of Burcon at C$1.55 per unit. Each unit
will consist of one common share of Burcon and one-half of a
warrant.  urn:newsml:reuters.com:*:nCNWPzxDba
    Burcon's shares closed at C$1.70 on Tuesday.
    Last week, Nestle partnered with Burcon and Merit Functional
Foods amid growing demand for meat substitutes from plants in
burgers, nuggets and many other foods.  urn:newsml:reuters.com:*:nL8N29T4BH
    
($1 = 1.31 Canadian dollars)

 (Reporting by Arunima Kumar in Bengaluru; Editing by Maju
Samuel)
 ((Arunima.Kumar@thomsonreuters.com; within U.S. +1 646 223 8780
(Extn 3364), outside U.S. +91 80 6182 3364;))