Burcon Insiders Increase Commitment to Participate in Non-Brokered Private Placement of Convertible Debentures

Executive Summary

• Insiders have increased their commitment to Burcon’s previously announced non‑brokered private placement of convertible debentures.
• The heightened insider participation may require approval from disinterested shareholders and has caused the closing date to be extended beyond the originally anticipated November 28, 2025.
• Terms of the offering could be revised as the company finalizes agreements with investors and obtains required regulatory approvals.

Key Details

• Original Offering: Non‑brokered private placement of convertible debentures announced on 12 Nov 2025, initially expected to close ~28 Nov 2025.
• Insider Commitment: Previously disclosed minimum insider participation of $2.0 million in principal amount; insiders have now increased their commitment (exact additional amount not disclosed).
• Potential Shareholder Approval: The increased insider stake may trigger the need for approval by disinterested shareholders under TSX rules.
• Closing Timeline: Due to the higher participation and pending shareholder approval, the closing date is being extended; a new target date has not been set.
• Terms & Conditions: The company is negotiating final terms with key investors; conditions may differ from those previously announced.
• Regulatory Requirements: Completion remains subject to execution of subscription agreements, receipt of all necessary regulatory approvals (including TSX approval), and shareholder consent where required.

Notable Quotes

“Burcon insiders and its largest shareholders have once again shown confidence in our business plan and sales trajectory by expanding their investment,” said Kip Underwood, CEO.
“Their continued support underscores the commercial momentum we carry into 2026 and reinforces our ability to execute and deliver value for shareholders.”