TIDMANIC
RNS Number : 0708A
Agronomics Limited
25 September 2020
25th September 2020
Agronomics Limited
("Agronomics" or the "Company")
Announces Participation in Mosa Meat B.V. Series B Financing
Round Led by Blue Horizon Ventures
The Board of Agronomics is pleased to announce today that the
Company has participated in Mosa Meat B.V.'s ("Mosa Meat") Series B
financing. The financing was led by Blue Horizon Ventures, raising
approximately US$ 55 million in a first close of a larger Series B
financing round.
The financing has been split into two tranches (Tranche I and
Tranche II), with the first close of Tranche I occurring yesterday,
while Tranche II can be called at any time after 31 March 2022.
Agronomics has committed a total of US$ 4.1 million (approximately
GBP3.2million), split into US$ 2.05 million for Tranche I and US$
2.05 million for Tranche II (together being the "Subscription").
Following the close of both tranches, Agronomics expects to have a
minimum equity interest on a fully diluted basis of 1.62 per cent.
The total number of shares to be issued pursuant to the
Subscription is subject to upward revision (as tabled below),
dependent on the timing of Mosa Meat achieving certain operational
milestones in relation to the production of pre-defined quantities
of cultivated meat (produced in a bioreactor) which is demonstrated
to be nutritionally comparable to conventional meat.
Date Milestone Agronomics Series Agronomics ownership
is Achieved B Preferred Shares (fully diluted)
Before 30 June
2022 11,146 1.62%
-------------------- ---------------------
Q3 2022 11,344 1.64%
-------------------- ---------------------
Q4 2022 11,557 1.66%
-------------------- ---------------------
Q1 2023 11,787 1.68%
-------------------- ---------------------
Q2 2023 12,039 1.71%
-------------------- ---------------------
In the event Tranche II is called prior to the achievement of
the milestones, US$ 2.05 million will be advanced in the form a
convertible loan note carrying an interest rate of 6% p.a. and the
principal and interest will subsequently be converted into Series B
Preferred Shares in accordance with the table above, but no later
than 30 June 2023.
The Subscription will be paid using cash from the Company's own
resources inclusive of the nil interest unsecured 6-month bridging
facility of GBP1.9 million, provided by Galloway Limited
("Galloway"), a company indirectly wholly owned by Jim Mellon. In
order to make the investment, Galloway has agreed to a drawdown of
GBP1.8 million under the facility.
Mosa Meat is a cultivated meat company based in the Netherlands,
whose founding scientist, Prof. Mark Post, showcased the world's
first cultivated burger in 2013. Mosa Meat is focused initially on
cultivated beef products, intending to have products approved in
the EU in 2023. This financing round will support Mosa Meat on its
pathway to commercialisation and establishment of their first
facility in the Netherlands.
Blue Horizon Ventures , a leading food technology focused
venture capital firm founded in 2018 and managed by Roger Lienhard,
Michael Kleindl and Dr Regina Hecker. Recent investments of Blue
Horizon Ventures including BIOMILQ, Geltor and the LIVEKINDLY
co.
Richard Reed, Chairman of Agronomics, commented: -
"Mosa Meat is a key player in the cultivated meat sector, aiming
to have GM-free, minced cultivated beef products on the market in
Europe in the next couple of years. They are well placed to be able
to deliver industrial scale production at competitive prices to
conventional meat sooner than many people realise.
We are delighted to join Mosa on their journey and look forward
to working closely with Maarten, Mark, Peter and the rest of their
team."
Maarten Bosch, CEO of Mosa Meat, added: -
"We are very excited that, after making significant progress in
R&D in the past years, Agronomics is joining us on our mission
to fundamentally reshape the global food system. With their support
and capabilities, we have the opportunity to take the next concrete
steps to scale production, and make progress towards a cleaner,
kinder way of making real beef."
Since this Subscription is considered a Substantial Transaction
under AIM Rule 12, this announcement requires certain disclosures
under Schedule Four. Mosa Meat is an early stage company with costs
of approximately EUR225,652 per month and total assets as at 31
December 2019 of approximately EUR4,151,467, including cash and
near cash of EUR3,769,543, and no material liabilities.
About Mosa Meat
Mosa Meat is a Netherlands-based food technology company,
pioneering a cleaner, kinder way to make real beef. Mosa Meat's
founders Mark Post and Peter Verstrate introduced the world's first
cultivated beef hamburger in 2013, by growing it directly from cow
cells. Mosa Meat is now scaling up production to make the same beef
that people love, but that is kinder to animals, better for the
environment, and safer to eat.
About Agronomics
Agronomics is an AIM-listed investment company, centred 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 Beaumont Cornish Limited Zeus Capital Limited Peterhouse Capital 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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