JOHN A. VASSALLO ANNOUNCES FILING OF EARLY WARNING REPORT

MILWAUKEE, Feb. 18, 2025 /CNW/ - John A. Vassallo announces that, in connection with the completion of a rights offering (the "Rights Offering") by Burcon NutraScience Corporation ("Burcon"), with a head office address of 999 West Broadway, Unit 490, Vancouver, British Columbia, V5Z 1K5, Canada, John A. Vassallo exercised his basic and additional rights under the Rights Offering to acquire an aggregate of 22,801,888 common shares in the capital of Burcon ("Common Shares") at a price of $0.085 per Common Share, for total consideration of $1,938,160.48.

Immediately before the issuance of the Common Shares and the completion of the Rights Offering, John A. Vassallo, together with his wholly-owned holding company, Nocrub LLC, held 8,921,593 Common Shares, 100,000 options to acquire Common Shares and 9,349,246 warrants exercisable into Common Shares, representing an aggregate of 18,370,839 Common Shares or 12.07% of the issued and outstanding Common Shares, on a partially diluted basis. Immediately after the issuance of the Common Shares and the completion of the Rights Offering, John A. Vassallo, together with his wholly-owned holding company, Nocrub LLC, owned 31,723,481 Common Shares, 100,000 options to purchase Common Shares and 9,349,246 warrants exercisable into Common Shares, representing an aggregate of 41,172,727 Common Shares or 15.64% of the issued and outstanding Common Shares, on a partially diluted basis. The issuance of the Common Shares represents an acquisition of approximately 3.57% of the issued and outstanding Common Shares on a partially diluted basis.

John A. Vassallo acquired the Common Shares for investment purposes. John A. Vassallo has no current intention to increase its 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:

John A. Vassallo
730 N. Plankinton Ave., Ste. 1A
Milwaukee, WI 53203
414-226-2243

SOURCE John A. Vassallo