Agronomics Limited Co-lead of Meatable B.V.'s Seed 2 Financing (5765P)
11 Giugno 2020 - 08:00AM
UK Regulatory
TIDMANIC
RNS Number : 5765P
Agronomics Limited
11 June 2020
11(th) June 2020
Agronomics Limited
("Agronomics" or the "Company")
Co-lead of Meatable B.V.'s Seed 2 Financing
The Board of Agronomics is pleased to announce today that the
Company has co-led Meatable B.V. 's ("Meatable") Seed 2 financing
round of approximately EUR6 million. As part of this round,
Agronomics has invested EUR1 million for 997 Seed 2 Preferred
Shares (the "Subscription"). The Subscription will be paid using
cash from the Company's own resources.
Agronomics previously invested EUR2 million in the initial Seed
financing round of Meatable in the form of a convertible loan note
("CLN") as announced on 20 December 2019 . Following the
Subscription, this CLN will convert to 2,558 Seed 2 Preferred
Shares at a 20% discount to the Subscription price. Accordingly,
Agronomics will then hold 3,555 Seed 2 Preferred Shares in Meatable
at a book value of EUR3,566,873 and own 6.46% of Meatable on a
fully diluted basis.
Richard Reed, Chairman of Agronomics commented: -
"The coronavirus has highlighted that the exploitation of
animals for their meat could be a major risk for human health and
perversely the stability of the food supply chains. Our confidence
is growing that Meatable is a clear differentiated player in the
cultivated meat sector which has the potential to end up having a
key role in addressing this risk along with the additional benefits
to animal welfare and environmental sustainability."
Since Agronomics' initial participation, Meatable has made
strong technical progress, including producing both muscle and fat
from its reprogrammed Opti-Ox porcine cells, and remains on target
for its prototype in Q3 2020.
Krijn de Nood, CEO and co-founder of Meatable, added: -
"We are pleased to secure additional funding, despite the
challenging market conditions. This funding will enable us to
accelerate our cost reduction, scaling and product development
efforts as we prepare for a more significant Series A financing
round."
As the Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Meatable is an early-stage company,
pre-revenue company with cash burn of EUR228,963 per month and
total assets as at 31 March 2020 of approximately EUR7,350,954
including cash and near cash of EUR4,909,038.
About Meatable
Meatable is a Dutch cultivated meat company aiming to deliver at
scale cultivated meat that looks like, tastes like, and has the
nutritional profile of real meat. Their proprietary Opti-Ox
technology enables them to produce the cells needed to make meat
rapidly, sustainably, and without harming animals. Founded in 2018,
by Krijn de Nood (CEO), Daan Luining (CTO) and Dr. Mark Kotter
(Principal Inventor of the Opti-Ox technology). Meatable has a
strong team of scientists with unique expertise in fields ranging
from tissue mechanics and high-density cell culturing to
bioengineering and business strategy.
About Agronomics
Agronomics is an AIM-listed investment company centered on the
nascent fields of cellular agriculture, precision fermentation and
synthetic biology. The Company invests in technologies that offer
new ways of producing food and materials with a focus on products
historically derived from animals. These technologies are driving a
major disruption in agriculture, offering solutions to improve
sustainability, as well as addressing human health, animal welfare
and environmental damage. This disruption will decouple supply
chains from the environment and animals, as well as being
fundamental to feeding the world's expanding population.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For further information please contact:
Agronomics Limited Zeus Capital Limited Peterhouse Capital Limited
Beaumont Cornish Limited
The Company Nomad Joint Broker Joint Broker
Richard Reed Roland Cornish Rupert Woolfenden Lucy Williams
Denham Eke James Biddle Emma Ayton Charles Goodfellow
+44 (0) 1624 639396 +44 (0) 207 628 3396 +44 (0) 20 3829 5000 +44 (0) 207 469 0936
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END
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