29th Oct 2019 14:00
(Alliance News) - Agronomics Ltd said Tuesday it has completed a subscription of USD500,000 in a form of a convertible loan note in Singapore-based Shiok Meats Pte Ltd, a seafood products company mainly focused on shrimps.
The investment company, focused on opportunities within the industry of cellular agriculture, said the subscription is expected to give Agronomics an approximate interest of 2.3% In Shiok Meats on conversion.
Agronomics said the investment will be paid from existing cash resources.
The convertible loan note will convert into ordinary shares in Shiok Meats on completion of a Series A funding round of USD100 million by the company, Agronomics said.
Richard Reed, chair of the company, said: "Shiok Meats is a huge addition to Agronomics' portfolio, as the only company to be working on developing cultured shrimp products. Agronomics is highly supportive of Shiok Meat's work that will support sustainable sourcing of fish protein to meet the global demand."
Agronomics shares were down 4.4% at 5.50 pence each in London on Tuesday afternoon.
By Loreta Juodagalvyte; [email protected]
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