5th Apr 2024 11:50
Agronomics Ltd - Isle of Man-based venture capital firm, investing in cellular agriculture companies - Invests USD10 million through a secured convertible promissory note, a form of convertible debt, in portfolio company Liberation Labs Holding Inc using its existing cash resources. Liberation Labs is a US biotechnology firm aiming to commercialise precision fermentation technology. Investment was part of Liberation Labs' USD12.5 million financing round to help fund the continued construction of its facility in Richmond, Indiana, with commission expected in the first quarter of 2025. Agronomics has to date invested USD17.6 million in Liberation Labs, currently carried at GBP25.7 million or USD32.5 million and giving it a 37.5% stake on a fully diluted basis.
Executive Chair Jim Mellon says: "Liberation Labs continues to deliver on the project milestones of its launch facility in Indiana. We have huge confidence in the team's ability to execute and believe that Liberation Labs will become the first company in Agronomics' portfolio to be cash generative."
Current stock price: 8.48 pence, down 0.2%
12-month change: down 26%
By Emma Curzon, Alliance News reporter
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