Burcon NutraScience Corp.
- WKN: 157793
- ISIN: CA1208311029
- Land: Kanada
Nachricht vom 09.07.2019 | 14:20
Burcon Updates on Development Activities
DGAP-News: Burcon NutraScience Corp. / Key word(s): Miscellaneous/Miscellaneous
Burcon Updates on Development Activities
Vancouver, British Columbia, July 8, 2019 - Burcon NutraScience Corporation (TSX: BU), a global leader in developing functionally and nutritionally valuable plant-proteins, is pleased to provide an update of its recent development activities.
Burcon has now funded its share of the initial capital contribution to Merit Functional Foods Corporation ("Merit Foods" or "Merit") by using a portion of the net proceeds from the over-subscribed rights offering, which closed on June 25th. As previously announced on May 23, 2019, Burcon and its joint venture partners had agreed that on or before July 2, 2019, they would make initial capital contributions to Merit Foods in the aggregate amount of $10,000,000, with Burcon's 40% share being $4,000,000. The full $10,000,000 of initial capital contributions have now been completed by the joint venture partners.
With Merit Foods now funded, the management team at Merit Foods has already taken important steps to expedite Merit's development and buildout of the previously announced C$65 million pea-protein and canola-protein commercial production facility ("the Flex Production Plant"). The Flex Production Plant is planned to initially process approximately 20,000 tonnes of yellow field peas per year beginning in mid-2020 and will produce Burcon's Peazazz(R) and Peazac(TM) pea proteins, as well as Burcon's Supertein(R), Puratein(R) and Nutratein(R) canola proteins.
The development steps already taken by Merit Foods' management team include:
1) entered into a purchase agreement for the land, which will be the site of the Flex Production Plant;
2) executed a services agreement with Excel Engineering of Fond Du Lac, Wisconsin, to provide full process design and coordination services to support Merit in the buildout and commissioning of the Flex Production Plant;
3) placed purchase orders for the long-lead-time processing equipment that will be incorporated into the Flex Production Plant;
4) initiated collaboration discussions with several strategic food and beverage companies to utilize Burcon's Peazazz(R) and Nutratein(R) blends; and
5) engaged Bird Construction to prepare engineering plans and drawings, to begin construction this fall, of the building that will house the Flex Production Plant.
"Since closing the rights offering on June 25th, Burcon and Merit have hit the ground running," said Johann F. Tergesen, Burcon's president and chief executive officer. He added: "Our respective management teams will maintain a laser beam-like focus on completing the commercial buildout of Merit's commercial production facility with the goal of bringing Burcon's unique plant proteins to market by mid-2020."
As planned, Burcon has also fully repaid its previously outstanding indebtedness to Large Scale Investments Limited, the $1,500,000 loan and the $2,000,000 convertible note and the accrued interest thereon, from the net proceeds of the rights offering.
Burcon will further support Merit Food's commercialization efforts by producing samples of Peazazz(R) pea protein and Puratein(R), Supertein(R) and Nutratein(R) canola proteins for Merit's customers and potential customers, and will also continue to conduct research on other plant-based protein opportunities, and undertake patenting activities.
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