24th Dec 2019 10:37
(Alliance News) - Agronomics Ltd on Friday last week said it has completed a subscription of EUR2.0 million in convertible loan notes in Netherlands-based Meatable BV, which is focused on producing beef and pork in a lab, with no animals killed.
The stock was trading 3.3% higher in London on Tuesday at 6.25 pence a share.
Upon conversion, the notes are expected to give Agronomics a minimum equity interest in Meatable of 5.3%. The notes will convert into equity automatically in the event of a qualified financing by Meatable, being EUR5 million or greater, or on maturity date, being January 2022.
The subscription will be paid in cash using the company's own resources, it said.
Other investors in Meatable include both Taavet Hinrikus, co-founder of TransferWise, and Albert Wenger, managing partner at Union Square Ventures.
The recent funding will be used to accelerate the development of Meatable's prototype in summer 2020 and support its plans to have a small-scale bioreactor operating and producing meat, Agronomics said.
"We are thrilled to be adding Meatable to the Agronomics portfolio, as our first company based in Europe and working on beef products," said Chair Richard Reed.
He added: "We look forward to Meatable's prototype in Summer 2020 and the developments ahead for their scaled production."
By Evelina Grecenko; [email protected]
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