The following amendment has been made to the
'Agronomics invests US$ 2 million in Liberation Labs US$ 3.5
million fundraise and US Department of Defense US$ 1.39 million
award' announcement released on 15 October 2024 at 07:00 with RNS
number 1220I.
The announcement released at 7.00am on 15
October 2024 should not have included any reference to the US
Department of Defense US$ 1.39 million award.
All other details remain unchanged.
The full amended text is shown
below.
15 October 2024
Agronomics
Limited
("Agronomics" or the
"Company")
Agronomics invests US$ 2
million in Liberation Labs US$ 3.5 million
Agronomics (LSE: ANIC), a leading
listed company in the field of cellular agriculture, reports that
portfolio company Liberation Labs Holdings Inc. ("Liberation Labs")
has raised a further US$ 3.5 million via a Secured Promissory Note
("Note"), including a US$ 2.0 million subscription from Agronomics
using its own cash resources. The Note pays interest at 10% per
annum and matures on 10 October 2027.
The Note, a form of convertible
debt, is for financing the continued construction of its facility
in Richmond, Indiana in advance of Liberation Labs' intended Series
A round (a "Qualified Financing") as set out in the 5 April 2024
announcement. The Notes will convert into the same instrument and
terms as the Qualified Financing and are anticipated to raise a
minimum of US$ 37.5 million through a combination of debt and
equity.
Agronomics' Executive Chair Jim
Mellon commented:
"In 2020, McKinsey estimated that approximately 60% of all
physical inputs of the global economy could be produced via
biomanufacturing. Liberation Labs' has made significant steps
towards securing binding offtake agreements for its purpose built
biomanufacturing plant. The company now has signed letters of
intent with potential customers representing well over 200% of the
available capacity for the first few years of operations,
demonstrating strong demand for "fit for purpose" biomanufacturing
facilities across food, fuel, materials and
pharmaceuticals."
Since the US$ 2.0 million
subscription from Agronomics is considered a Substantial
Transaction under AIM Rule 12, this announcement requires certain
disclosures under Schedule Four. Liberation Labs is an early-stage
company with no revenues and operating costs of approximately US$
0.4 million per month, and total assets as at 30 June 2024 of
approximately US$ 49.5 million and liabilities of US$ 43.8
million.
Including this Note, Agronomics has
invested US$ 19.6 million in Liberation Labs which, subject to
audit, is currently carried at a book value of £25.7 million. This
funding round, however, will have no impact on the Liberation Labs
current carrying value. The position represents approximately 15.9%
of Agronomics' last stated Net Asset Value, including post-balance
sheet date adjustments. Agronomics now holds 37.5% of Liberation
Labs on a fully diluted basis.
The following have each subscribed
US$ 0.5 million on identical terms to Agronomics: New Agrarian
Company Limited, an affiliate of Agronomics; Galloway Limited; and
Jim Mellon, Executive Chair of Agronomics, in his own name.
Galloway Limited is indirectly wholly owned by Jim Mellon and
Denham Eke is a director.
About Liberation
Labs
Liberation Labs is commercializing
precision fermentation with a global network of purpose-built
manufacturing facilities that enable the next wave of biotechnology
advancements to produce bio-based consumer products at scale. We
combine modern technology with fit-for-purpose design to bring
reliable and cost-effective solutions that meet customer demand
across the world. More information is available at
www.liberationlabs.com.
About
Agronomics
Agronomics is a leading
London-listed company focussing on investment opportunities within
the field of cellular agriculture. The Company has established a
portfolio of over 20 companies in this rapidly advancing sector. It
seeks to invest in companies owning technologies with defensible
intellectual property 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 and improve food security for the world's
expanding population. A full list of Agronomics' portfolio
companies is available at https://agronomics.im/.
For further information
please contact:
Agronomics
Limited
|
Beaumont Cornish
Limited
|
Canaccord Genuity
Limited
|
Cavendish Capital Markets
Limited
|
Peterhouse Capital
Limited
|
SEC Newgate
|
The
Company
|
Nomad
|
Joint
Broker
|
Joint
Broker
|
Joint
Broker
|
Public
Relations
|
Jim
Mellon
Denham
Eke
|
Roland
Cornish
James
Biddle
|
Andrew
Potts
Harry
Pardoe
Alex
Aylen (Head of Equities)
|
Giles
Balleny
Michael
Johnson
Charlie
Combe
|
Lucy
Williams
Charles
Goodfellow
|
Bob
Huxford
Anthony
Hughes
|
+44 (0)
1624 639396
info@agronomics.im
|
+44 (0)
207 628 3396
|
+44 (0)
207 523 8000
|
+44 (0)
207 397 8900
|
+44 (0)
207 469 0936
|
agronomics@secnewgate.co.uk
|
Nominated
Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.