Burcon raises CA$9.43M, targets CA$10M

Burcon NutraScience’s CA$9.43 million financing is not a fresh May 2026 capital raise. The Vancouver-based plant-protein company disclosed on February 13, 2025 that it had completed a rights offering that generated gross proceeds of about CA$9.43 million. Burcon said the money was intended to support its production plan and help it target positive cash flow in calendar 2026. (burcon.ca) The company has since reported higher output, new customer activity and additional financing tied to its commercialization push. The social-media framing around Burcon mixes that 2025 rights offering with more recent operating updates. Company disclosures in 2026 show Burcon ramping production, adding buying customers and raising separate convertible-debenture financing. (burcon.ca) Burcon’s public filings and press releases do not support treating the CA$9.43 million as a new May 2026 transaction. ### When did Burcon actually raise the CA$9.43 million? Burcon said on February 13, 2025 that its rights offering had expired the previous day and would result in gross proceeds of approximately CA$9.43 million. The company said the offering would issue 110,986,126 common shares at CA$0.085 apiece. (burcon.ca) Kip Underwood, Burcon’s chief executive, said at the time the company had secured “well above” the CA$7 million it needed to execute its production plan and target positive cash flow in calendar 2026. That statement ties the financing to Burcon’s scale-up plan rather than to a newly announced 2026 raise. (burcon.ca) ### What has Burcon said more recently about production and customers? Burcon said on April 20, 2026 that it had achieved record production and expanded to more than 20 buying customers. The company described those results as part of accelerating momentum in its scale-up and commercialization strategy. (burcon.ca) The company’s February 11, 2026 third-quarter results also pointed to rising commercial activity. Burcon reported quarterly revenue of CA$739,000 for the period ended December 31, 2025, up about 1,100% from CA$61,000 a year earlier, and said customer demand had exceeded expectations. (burcon.ca) ### Where is Burcon producing its plant proteins? Burcon’s own recent disclosures center on the Galesburg production facility, not a Newfoundland plant. The company said in its June 25, 2025 year-end results that a strategic alliance with Re ProMan LLC led to the acquisition of the Galesburg protein production facility, which it called the cornerstone of its commercialization strategy. (burcon.ca) That same disclosure said the Galesburg site was fully commissioned and operational and gave Burcon a direct route to market for its plant-based protein technologies. In the materials reviewed, Burcon did not identify Newfoundland as the core site tied to the CA$9.43 million rights offering. (newsfilecorp.com) ### Did Burcon raise more money after the rights offering? Burcon announced a separate financing in 2026 through convertible debentures. The company’s press-release archive says it closed the final tranche of a non-brokered private placement of convertible debentures of up to CA$6.9 million on April 29, 2026, after earlier tranches in January and February. (burcon.ca) Its February 11, 2026 quarterly results said the first tranche totaled CA$1.25 million and described the financing as support for continued commercial expansion and long-term growth. That makes the 2026 debenture financing distinct from the 2025 rights offering. (burcon.ca) ### What do Burcon’s disclosed targets show about the next step? Burcon said on June 25, 2025 that a CA$6.8 million multi-year production agreement supported its revenue target of CA$1 million to CA$3 million for calendar 2025. The company also said more than 100 prospective customers were evaluating its proteins, with many in late-stage review or ready to buy. (burcon.ca) Burcon’s next reported milestones after that were February 2026 quarterly results, April 2026 production and customer updates, and the April 29, 2026 closing of the final debenture tranche. Those disclosures, rather than the recycled CA$9.43 million figure, are the company’s latest documented markers for commercialization and expansion. (newsfilecorp.com) (burcon.ca)