DGAP-News: Burcon NutraScience Corp. / Key word(s): Annual Results 
Burcon NutraScience Corp.: Burcon Announces Fiscal 2021 Results and Reviews Operations 
2021-06-30 / 11:10 
The issuer is solely responsible for the content of this announcement. 
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News Release 
Burcon Announces Fiscal 2021 Results and Reviews Operations 
Vancouver, British Columbia, June 29, 2021 - Burcon NutraScience Corporation ("Burcon or the "Company") (TSX: BU) 
(NASDAQ: BRCN), a global technology leader in the development of clean-label, plant-based proteins for foods and 
beverages, reported results for the fiscal year ended March 31, 2021. 
"Fiscal 2021 and the year to date was a transformational period for Burcon, reinforcing our position as a leader in the 
development of plant-based proteins," said Johann F. Tergesen, Burcon's president and chief executive officer, adding, 
"We began and finished the year in a strong financial position allowing us to focus on supporting our joint venture, 
Merit Functional Foods. Merit Foods, which formally completed construction of its state-of-the-art protein production 
facility during the year, will produce, under license, Burcon's game-changing pea and canola protein ingredients. We 
were pleased, during the past year, to welcome Bunge Limited, a leading agribusiness and food company, as a 25% equity 
partner in the Merit Foods joint venture. We also advanced our R&D pipeline and entered discussions with potential new 
partners to bring Burcon's other innovative plant-based proteins to market. Merit reached a significant milestone near 
year-end when it achieved first end-to-end commercial production run of its best-in-class pea proteins and subsequent 
to the year-end, Merit also achieved first end-to-end production runs of its novel line of canola protein ingredients." 
Fiscal 2021 Operational Highlights 
Burcon's primary focus during fiscal 2021 was to support Merit Foods to complete and commission its flex production 
facility. 
During the year, Merit Foods: 
- secured USD85 million of financing from a consortium of lenders including Export Development Canada and Farm Credit 
Canada; 
- secured additional debt financing of USD10 million, in the form of a 10-year interest free loan from Agri-Food Canada's 
AgriInnovate Program ("AIP"); 
- received a USD30 million equity investment from Bunge Limited (NYSE:BG), a leading international agribusiness and food 
company, supporting Merit's goal to bring pea and canola proteins to market; 
- formally completed construction of its 94,000 square foot state-of-the-art plant protein production facility on 
December 31, 2020; 
- achieved first commercial production runs of Peazazz(R) and Peazac(R) pea proteins, and received overwhelming amount 
of interest from the food and beverage industry. 
During fiscal 2021, Burcon: 
- successfully identified processing techniques to improve and modify the functionality of our plant-based proteins for 
Nestle; 
- converted USD7.8 million of its outstanding convertible debentures issued on December 10, 2019 into common shares of 
the Company; 
- received proceeds of USD5.0 million from the exercise of warrants; and 
- agreed to terminate the CLARISOY(R) license agreement with ADM. 
Subsequent to the year-end: 
- Merit Foods achieved first commercial production of its novel lineup of Puratein(R) canola proteins at its just 
completed protein production facility, which is now the first and only commercial-scale facility in the world capable 
of producing food-grade protein from canola, the world's second-largest oilseed crop; 
- Merit Foods received a second co-investment from Protein Industries Canada, providing funds to develop new 
plant-based products using Merit's pea and canola protein ingredients; and 
- Burcon was approved for a dual listing, with its shares now also trading on The NASDAQ Capital Market. 
Management Commentary 
Fiscal 2021 was a year highlighted by strong milestone execution and value creation for Burcon. Our years of effort to 
develop plant-based protein ingredients that are better-for-you and better-for-the-planet have culminated into the 
commissioning of Merit's 94,000sqft state-of-the-art protein production facility, where it will produce Burcon's unique 
pea and canola protein ingredients. Merit achieving first commercial production runs of its pea and canola proteins 
required tremendous amount of effort from both the teams at Merit and Burcon. Merit's facility is now the world's first 
and only commercial-scale facility to have the capability of producing non-GMO food-grade canola proteins. 
During fiscal 2021, Burcon announced that Merit Foods secured, through three separate transactions, a total of USD95 
million in debt financing and another USD30 million in equity from a new partner. The capital raised helped support Merit 
in building out and expanding phase 1 of its protein production facility. 
The first was an USD85 million debt financing package, provided by a syndicate of lenders including Export Development 
Canada, Farm Credit Canada and the Canadian Imperial Bank of Commerce. To facilitate the debt financing package, Burcon 
provided a short-term letter of credit in the amount of USD6.5 million and provided a USD4 million guarantee of Merit 
Foods' debt obligations, both of which were released as of August 28, 2020. 
The second was a USD10 million financing in the form of a 10-year interest free loan from Agriculture and Agri-Food 
Canada (the "AIP Loan"). The interest free loan, repayable over 10 years, was approved under Agriculture and Agri-Food 
Canada's AgriInnovate Program. Burcon provided a guarantee of Merit Foods' obligations under the AIP Loan. 
The third was a USD30 million investment from a new equity partner, Bunge Limited, a leading international agribusiness 
and food company. The investment was completed by way of a subscription by Bunge for shares from treasury and the 
advancement of shareholder loans by Bunge. Concurrently with the investment, Bunge purchased additional shares and debt 
from Burcon's joint venture partners. As a result of the investment, Bunge now owns a 25% equity interest in Merit 
Foods, Burcon now owns a 33.33% equity interest in Merit Foods and Burcon's joint venture partners now own, 
collectively, the remaining 41.67% equity interest in Merit Foods. 
During the year, Burcon and ADM agreed to terminate the License and Production Agreement dated March 4, 2011, for 
Burcon's CLARISOY(R) soy technologies. Burcon is currently in discussions with potential partners that include soy 
protein producers and consumer product companies that could benefit from a partnership with Burcon on its soy protein 
technologies. Soy protein is a complete plant-based protein ingredient that accounts for the largest share of the 
overall plant-based proteins market. Burcon intends to pursue all available opportunities to commercialize and monetize 
its soy protein intellectual property portfolio. 
Burcon's team at the Winnipeg Technical Centre has supported Merit Foods during the past year through: assisting in the 
completion and commissioning of the production facility; continued applications work on potential customer products; 
and sample production for food and beverage companies who have expressed an interest in Peazazz(R) and Peazac(R) or 
Merit's canola proteins. 
In addition, Burcon's team of scientists and engineers continued to develop and tailor Merit's pea and canola proteins 
for use in Nestlé's plant-based food and beverage offerings. Our team made significant progress in our development work 
for Nestlé, the largest food and beverage company in the world, with the goal of Merit supplying Nestlé with its 
innovative pea and canola protein ingredients. The collaboration between Nestlé and Burcon/Merit Foods was designed to 
provide Nestlé access to Burcon's unique expertise and a new range of high-quality plant-based protein ingredients. 
Subsequent to the year-end, Burcon announced that Merit Foods achieved the first commercial "end to end" runs of its 
line of Puratein(R) canola protein ingredients. This was a significant milestone achievement for Burcon as we have been 
developing our canola protein technologies for more than twenty years and strongly believe in the potential of canola 
proteins to be used as a source of protein nutrition and function in the massive plant-based food and beverage market. 
Burcon announced that its shares began trading on The Nasdaq Capital Market as of May 25, 2021. Our dual listing marks 
yet another milestone achievement for Burcon that can help build long-term shareholder value through increased 
awareness and improved trading liquidity. 
In the coming year, Burcon will continue to assist Merit Foods with the commissioning and optimization of the 
commercial production facility. Burcon will also continue to conduct research and pursue additional partnership 
opportunities to bring its other plant-based protein technologies to market. 
Financial Results (in Canadian dollars) 
Revenues totaled USD259,000 for the year, as compared to USD31,000 in the same year-ago period. During fiscal 2021, Burcon 
recorded USD250,000 in research income for the joint development agreement with Nestle. Burcon recorded USD9,000 in royalty 
revenues during the year, as compared to USD31,000 in the same year-ago period. In August 2020, Burcon and ADM agreed to 
terminate the license and production agreement for CLARISOY(R). 
Net loss totaled USD618,000 or USD0.01 per basic and diluted share for fiscal 2021, as compared to a net loss of USD4.6 
million or USD0.06 per basic and diluted share in fiscal 2020. 
Burcon recorded USD2.4 million as its share of loss in Merit Foods for the year, as compared to USD940,000 in fiscal 2020. 
Merit recorded a loss of USD6.8 million for the year ended March 31, 2021, as compared to USD2.4 million in fiscal 2020. 
The higher loss reflects Merit Foods' pre-production operating costs of the flex production facility for the full year

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