Burcon Announces Details of $9.43 Million Rights Offering

Vancouver, British Columbia--(Newsfile Corp. - February 18, 2025) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) ("Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that, further to its press release dated February 13, 2025 with respect to the completion of Burcon's rights offering (the "Rights Offering"), Burcon has issued 110,986,126 Common shares of Burcon ("Common Shares") at a price of $0.085 per share for aggregate gross proceeds to Burcon of $9,433,821 under the Rights Offering.

"With the support of our long-term strategic investors, Mr. Alan Chan and Mr. John Vassallo, along with our other shareholders, Burcon is well-capitalized to seize upcoming opportunities," said Kip Underwood, Burcon's chief executive officer. "We are grateful for the vote of confidence from our shareholders, including our management and board members who participated in our rights offering."

A total of 77,198,140 Common Shares were issued pursuant to the basic subscription privilege of the Rights Offering. Of these, 19,061,806 Common Shares were issued to insiders of Burcon and 58,136,334 Common Shares were issued to all other persons. A total of 33,787,986 Common Shares were issued pursuant to the additional subscription privilege of the Rights Offering. Of these, 17,474,577 Common Shares were issued to insiders of Burcon and 16,313,409 Common Shares were issued to all other persons. Following completion of the Rights Offering, Burcon has 253,761,444 Common Shares issued and outstanding.

To the knowledge of Burcon, after reasonable inquiry, all directors, senior officers and persons controlling over 10% of the Common Shares of the Company (collectively, the "Insider Group"), exercised Rights they were issued in connection with the Rights Offering for 19,061,806 Common Shares, representing approximately 17.17% of the Rights Offering (the "Basic Subscription"). After taking into account additional subscriptions, the Insider Group owns an aggregate of 77,755,801 Common Shares, representing 30.64% of the common shares currently issued and outstanding after completion of the Rights Offering. No persons became an insider of the Company, to the best of Burcon's knowledge, from the distribution of the rights offering.