Further investment in Rebellyous Foods
1 April 2020
Agronomics Limited
("Agronomics" or the "Company")
Announces Participation in Series A Financing of Portfolio Company Seattle Food Tech, Inc.
(trading as Rebellyous Foods)
The Board of Agronomics is pleased to announce it has today completed a Subscription in Seattle Food Tech, Inc., trading as Rebellyous Foods ("Rebellyous") for US$ 99,999.43 for 92,438 Series A Preferred Stock. The Subscription will increase Agronomics existing stake from 1.00% to 1.23% on a fully diluted basis and will be paid using cash from the Company's own resources. Agronomics' initial investment of US$ 250,000 in the form of a Simple Agreement for Future Equity will convert to 231,096 Series A Preferred Stock at the same time. Therefore, the Company will hold 323,534 Series A Preferred Stock.
Since the Company's initial investment, announced on 15 October 2019, Rebellyous has moved to a new 21,000 sq. ft. headquarter facility in West Seattle, WA, USA, allowing for innovative product development and rapid scaling of its production capacity. The team has also had recent success expanding its client base, selling its plant-based chicken nuggets to schools, cafeterias and hospitals across the USA. Rebellyous is also continuing the development of its optimised production machinery to improve the efficiency of plant-based protein manufacture at scale.
As the Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. Rebellyous is an early-stage company with cash burn of US$ 101,964 per month and total assets as at 12 January 2020 of approximately US$ 2,450,261 including cash and near cash of US$ 2,313,176.
About Rebellyous
Rebellyous, a leader in plant-based meat production innovation, creates delicious, cost-competitive plant-based meat for the foodservice industry. Driven by engineers, food scientists, and chefs, Rebellyous uses quality plant protein, high-throughput manufacturing automation, innovative low-energy manufacturing tools, and uniquely designed modular production facilities to craft better tasting, more affordable plant-based meat.
Agronomics is an AIM-listed investment company focused on the nascent field of cellular agriculture, precision fermentation and synthetic biology, with an emphasis on improving the efficiency and sustainability of current supply chains, with a focus on eliminating the requirement of animals to meet our resources absolute.
Agronomics believes that we are on the cusp of the most significant disruption in our global food system, which will be fundamental to feeding the world's growing population as it approaches 10 billion people by 2050. The transformation of the food production system through utilisation of synthetic biology is a viable solution to improve the health and wealth of the planet and the global population by reducing energy, water and land requirements.
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:
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Agronomics Limited |
Beaumont Cornish Limited
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Zeus Capital Limited |
Peterhouse Capital Limited |
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The Company
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Nomad |
Joint Broker |
Joint Broker |
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Richard Reed Denham Eke
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Roland Cornish James Biddle
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Rupert Woolfenden Emma Ayton |
Lucy Williams Charles Goodfellow
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+44 (0) 1624 639396 |
+44 (0) 207 628 3396 |
+44 (0) 20 3829 5000 |
+44 (0) 207 469 0936
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