Agronomics Limited Additional Participation in BlueNalu Fundraise (3540X)
19 December 2019 - 6:00PM
UK Regulatory
TIDMANIC
RNS Number : 3540X
Agronomics Limited
19 December 2019
19 December 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (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.
Agronomics Limited
("Agronomics" or the "Company")
Additional Participation in BlueNalu, Inc. Series A
Fundraise
Agronomics is pleased to announce it has today completed a
further subscription of US $1,999,998.00 for 108,108 Series A
Preferred Shares (the "Subscription") in BlueNalu, Inc.
("BlueNalu"). This Subscription will increase Agronomic's existing
interest to 6.0% (reducing to 5.9% on the expected closing of the
ongoing Series A $20m round fully subscribed), accounting for the
existing investment of US$ 749,990, that Agronomics made on 29
August 2019 in an earlier close of BlueNalu's Series A fundraise,
and Agronomics' Seed investment of US $250,000 in August 2018.
The Company now holds 192,005 shares of BlueNalu, comprising
43,357 Seed Preferred Shares and 148,648 Series A Preferred Shares,
with a book value of US $3,552,111.
During BlueNalu's live product demonstration on 10(th) December
2019, Lou Cooperhouse, BlueNalu's President & CEO commented:
-
"Our team has successfully produced whole-muscle portions of
yellowtail fish fillet, derived directly from fish cells, in which
our product performs the same way as a conventional fish fillet in
all cooking applications. Our medallions of yellowtail can be
cooked via direct heat, steamed or even fried in oil; can be
marinated in an acidified solution for applications like poke,
ceviche, and kimchi, or can be prepared in the raw state. This is
an enormous accomplishment, and we don't believe that any other
company worldwide has been able to demonstrate this level of
product performance in a whole-muscle seafood product thus
far".
Links to the press release, and photos from the event can be
found at https://www.bluenalu.com/pr-121719
As the Subscription is considered a Substantial Transaction
under AIM rules, this announcement requires certain disclosures
under Schedule Four of the AIM Rules. BlueNalu is an early stage,
pre-revenue company with cash burn rate of US $350,000 per month
and net assets as at 31st July 2019 of approximately US
$865,000.
Richard Reed, Chairman of Agronomics, commented: -
"Agronomics is thrilled to have increased its investment in
BlueNalu, a consequence of the tremendous efforts and significant
milestones the team has achieved in the past few months. We look
forward to the exciting pathway ahead for BlueNalu as they move to
commercialise their first cultivated seafood products."
About BlueNalu
BlueNalu's mission is to be the global leader in cellular
aquaculture, providing consumers with great tasting, healthy, safe,
and trusted seafood products that support the sustainability and
diversity of our ocean. BlueNalu is aligned with 10 of the 17
Sustainable Development Goals (SDG) of the United Nations, a
blueprint to achieve a better and more sustainable future for our
planet. BlueNalu was founded in 2018 and is based in San Diego,
California.
About Agronomics
Agronomics is an AIM-listed investment company focused on the
nascent field of cellular agriculture and synthetic biology, with
an emphasis on environmentally friendly alternatives to the
traditional production of animal-derived products. The Company was
launched in April 2019, with the appointment of a highly
experienced team of investors and entrepreneurs including Richard
Reed, Jim Mellon and David Giampaolo.
Agronomics believes that the recent developments within cellular
agriculture and the alternative protein space will play a major
role in feeding the world's growing population as it approaches 10
billion people by 2050. The production of animal protein via novel
approaches is a viable solution to minimise global greenhouse gas
emissions, water, energy and land requirements as well as
alleviating animal welfare concerns.
For further information, please contact: -
Agronomics Limited Beaumont Zeus Capital Peterhouse Britton Financial
Cornish Limited Capital Limited PR
Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
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Denham Eke Roland Cornish/James Mike Seabrook Lucy Williams Tim Blackstone
+44 (0) 1624 639396 Biddle +44 (0) 203 +44 (0) 207 +44 (0) 7957
+44 (0) 829 5000 469 0936 140416
207 628 Jamie Peel
3396 +44 (0) 161
831 1512
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