Investment in Blue Nalu, Inc.
16 August 2018
Port Erin Biopharma Investments Limited
("PEBI")
Investment in Blue Nalu, Inc. ("BlueNalu")
The Board of PEBI is pleased to announce it has today completed a subscription of US$ 250,000 for 43,357 issued shares in Blue Nalu, Inc, a company based in San Diego, California, USA (the "Subscription"). The Subscription, which is expected to give PEBI an interest of approximately 2.0% (on a diluted basis) in BlueNalu, will be paid by cash from PEBI's own resources and is part of a fully subscribed Seed Funding round to raise US$ 4.5 million. The level of investment allows PEBI to qualify as a "Major Investor", providing additional information rights unavailable to smaller investors.
BlueNalu is a relatively early stage company, focussed on manufacturing 'clean' seafood by growing cells of certain species of seafood in bioreactors which will ultimately be for human consumption. BlueNalu intend to partner with leading industry markets, in both food service and retail channels, allowing a speedy and cost-effective route to customers for a broad line of distinctive and differentiated seafood products.
As the Subscription is considered a Substantial Transaction under AIM rules, this announcement requires certain disclosures under Rule Four. BlueNalu is an early stage, pre-revenue company with costs of approximately US$ 160,000 per month and net assets as at 7 August 2018 of approximately US$ 3,200,000.
Commenting on the investment Jim Mellon, PEBI's Chairman, noted: -
"I am extremely pleased that PEBI has been able to secure a holding in BlueNalu. The nascent technology is exciting as it intends to provide an alternative food source that is both sustainable and ecologically friendly, helping address global public health and animal welfare concerns. I am impressed by the calibre of the management and the range of potential partnerships for the product".
For further information, please contact:
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Port Erin Biopharma Investments Limited |
Beaumont Cornish Limited |
Optiva Securities Limited |
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The Company |
Nomad |
Broker |
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Denham Eke +44 (0) 1624 639396 |
Roland Cornish/James Biddle +44 (0) 207 628 3396 |
Jeremy King/Ed McDermott +44 (0) 203 137 1904 |
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