Subscription of US$2,999,996 in Tropic Biosciences
31st March 2020
Agronomics Limited
("Agronomics" or the "Company")
Subscription of US$ 2,999,996 in Tropic Biosciences UK Limited
The Board of Agronomics is pleased to announce it has completed a subscription of US$ 2,999,996 for 254,237 Series B Preferred Shares ("Subscription") in Tropic Biosciences UK Limited ("Tropic"). This Subscription will give Agronomics' an equity interest of 2.95% on a fully diluted, post new money basis. The Subscription will be paid using cash from the Company's own resources.
Since this Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. Tropic Biosciences is an early stage company with costs of approximately £407,833 per month and total assets as at 31 December 2019 of approximately £3,900,523 including cash and near cash of £3,791,380 and no material liabilities.
Tropic is a leading biotechnology company based in Norwich, UK, which is utilising powerful gene-editing techniques including CRISPR-Cas9 and Tropic's own proprietary GEiGS™ platform in developing high-performing commercial varieties of tropical crops. This new generation of gene-editing techniques has dramatically increased the speed of generating new crop strains at a significantly reduced cost.
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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