JOHN A. VASSALLO ANNOUNCES FILING OF EARLY WARNING REPORT
MILWAUKEE, Feb. 27, 2026 /CNW/ – John A. Vassallo announces that, in connection with the completion of the second tranche of a convertible debenture private placement (the “Offering“), RE ProMan Investor, LLC (“RE ProMan“), a limited liability corporation controlled by Mr. Vassallo, acquired convertible debentures in the aggregate principal amount of $1,250,000.00 (“Debenture“) in the capital of Burcon NutraScience Corporation (“Burcon“). The Debentures are convertible into common shares of Burcon (“Common Shares“) at a price of $1.60 per Common Share. The aggregate amount of the Offering is up to $6,900,000.
Immediately before the issuance of the Debentures and completion of the second tranche of the Offering, John A. Vassallo, together with RE ProMan and his wholly-owned holding company, Nocrub LLC, held 1,595,822 Common Shares, 14,000 options to acquire Common Shares, 531,355 warrants exercisable into Common Shares and $1,250,000 principal amount of convertible debentures, convertible into 781,250 Common Shares, representing an aggregate of 2,922,427 Common Shares or 20.85% of the issued and outstanding Common Shares, on a partially diluted basis. Immediately after the issuance of the Debenture and completion of the second tranche of the Offering, John A. Vassallo, together with RE ProMan and his wholly-owned holding company, Nocrub LLC, owned 1,595,822 Common Shares, 14,000 options to purchase Common Shares, 531,355 warrants exercisable into Common Shares and $2,500,000 principal amount of convertible debentures, convertible into 1,562,500 Common Shares, representing an aggregate of 3,703,677 Common Shares or 25.02% of the issued and outstanding Common Shares, on a partially diluted basis. The issuance of the 781,250 Common Shares that would be issuable on the conversion of the Debenture results in an ownership increase of approximately 4.17% of the issued and outstanding Common Shares on a partially diluted basis.
RE ProMan acquired the Debenture for investment purposes. John A. Vassallo has no intention to increase his beneficial ownership of, or control or direction over, securities of Burcon. Potential purchases or disposition of securities of Burcon will be reviewed on a continuing basis by John A. Vassallo, and holdings may be increased or decreased in the future.
This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 – Take-Over Bids and Issuer Bids of the Canadian Securities Administrators. For further information and to obtain a copy of the early warning report that will be filed under applicable Canadian securities laws in connection with the transactions hereunder, please contact:
SOURCE John A. Vassallo
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