24th Jan 2020 13:46
(Alliance News) - Agronomics Ltd on Friday said it has raised a further GBP5.5 million through placing of 78.6 million shares at 7 pence per share.
The placing price represents a discount of 33% to the closing price on Thursday. Shares in the investment company - based in the Isle of Man - were down 27% at 7.60p each on Friday in London.
Agronomics - which focuses on opportunities within the industry of cellular agriculture - said the proceeds of the placing will be used to fund future investments in addition to investments made in December.
In December, Agronomics had raised GBP7.7 million through a share placing to finance investment opportunities. The proceeds from that placing were used to fund investments in LegendDairy Foods GmbH, Meatable BV, Oritain and BlueNalu.
LegenDairy is a German company that aims to harvest real dairy proteins to make dairy products without using cows. Meatable is focused on producing beef and pork in a lab, with no animals killed. BlueNalu produces seafood directly from fish cells.
"The amount of capital being deployed into the cultivated meat sector globally is set to increase dramatically in 2020, with significant raises already being witnessed. With this fund raise, Agronomics is well placed to maintain its support to its existing portfolio companies and explore new opportunities within this transformative industry when the world needs it most," said Agronomics Non-Executive Chair Richard Reed.
Following of the admission of the new placing shares, Agronomics share capital will comprise of 331.6 million shares.
By Ife Taiwo; [email protected]
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