26th Oct 2020 15:21
Agronomics Ltd - Isle of Man-based investment company focused on environmentally friendly food production - Completes approximately GBP10.0 million oversubscribed equity fundraise, issuing 166.7 million shares at 6.0 pence each. Placing is arranged by Cenkos Securities PLC while Agronomics arranges a subscription. Will use the net proceeds, around GBP8.2 million cash, for investment - net of settlement of Galloway Ltd facility. In July, Galloway, indirectly wholly owned by Non-Executive Director Jim Mellon, provided a GBP1.9 million bridging facility. After agreement with Galloway, the fully GBP1.9 million loan repayment will be applied towards a GBP2.9 million subscription by Galloway in the fundraising. This GBP2.9 million is included in the GBP10 million fundraise proceeds. In total, 48.3 million fundraising shares will be issued to Galloway and the facility will be cancelled.
Non-Executive Chair Richard Reed says: "The board is extremely pleased to have raised a significant amount of funding to accelerate Agronomics growth and the still nascent field of cellular agriculture. With these funds, we will be able to continue to support some of the most exciting companies in sector that are already in our portfolio, as well as look to invest in new opportunities. In this round, we are glad to welcome new top tier institutional investors onto our register who are well placed to support us in our growth plans well into the future."
Current stock price: 6.20 pence
Year-to-date change: down 33%
By Anna Farley; [email protected]
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