January 28, 2020 / 11:08 PM / 23 days ago

Burcon NutraScience to raise C$10 million via bought deal

Jan 28 (Reuters) - Plant-based proteins maker Burcon NutraScience said on Tuesday it had secured C$10 million ($7.6 million) through a bought deal, just days after food giant Nestle SA 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.

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.

$1 = 1.31 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel

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