Agronomics Limited Further Investment in Liberation Labs Seed Round (5069I)
05 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMANIC
RNS Number : 5069I
Agronomics Limited
05 December 2022
5 December 2022
Agronomics Limited
("Agronomics" or the "Company")
Further Investment in Liberation Labs US$ 20 million Seed
Round
Further its announcement of 20 October 2022, Agronomics
(ANIC:LSE), the leading listed company focused on the field of
cellular agriculture, has invested an additional US$ 3.5 million in
the US$ 20 million Seed round of Liberation Labs Holdings Inc
("Liberation Labs"), the precision fermentation contract
manufacturer. In aggregate, Agronomics has invested US$ 7 million
into this Seed round (the "Subscription"), split over two tranches,
with the prior investment of US$ 3.5 million made in October 2022
and this second investment being called by Liberation Labs as
detailed in the announcement of 20 October. Joining this latest
close is Thia Ventures , a prominent early-stage investor focusing
on biotechnology, nutrition, and health.
In June 2022, Agronomics invested US$ 627,000 in Liberation
Labs' initial round of financing. Subject to audit, Agronomics'
original investment, inclusive of the Subscription, will be carried
at US$ 22.4 million, including an unrealised gain of US$ 14.8
million. The Company will hold a total of 4,700,000 ordinary shares
and 2,134,147 Seed Preferred shares with an equity stake of 37.4%
on a fully diluted basis. The aggregate investment will account for
approximately 11.3% of Agronomics' 30 September 2022 Net Asset
Value (as adjusted for the uplift on the Liberation Labs
position).
Liberation Labs will use the proceeds from the Seed round to
finalise its site selection, complete pre-construction engineering,
order long-lead time equipment, and continue to build out its team.
The company further expects to begin the process of contracting
fermentation capacity for its first facility, with an eye towards
having that volume fully committed ahead of a planned 2024
operational launch. A 3D rendering of the sophisticated 600,000L
launch facility, designed to address the acute shortage in
precision fermentation capacity, can be seen here .
Jim Mellon, and executive director of Agronomics commented:-
"This further investment will support Liberation Labs in
delivering precision fermentation and becoming a global leader in
the alternative protein production space. It is hugely exciting for
us to be involved with a leading precision fermentation company
that was formed to address the ever-widening gap in fermentation
capacity. Liberation Labs is developing state of the art
purpose-built fermentation infrastructure which will replace the
existing fermentation capacity being used today which was built for
other purposes and does not fit the need of most precision
fermentation proteins. We look forward to following Liberation
Labs' progress in the years ahead, as they approach their
operational launch in 2024."
About Liberation Labs
Liberation Labs is commercialising precision fermentation with a
global network of purpose built, international manufacturing
facilities that enable the next wave of biotechnology advancements
to produce alternative protein at scale.
Our cutting-edge process combining modern technology and design
brings reliable, first-for-purpose approach, and cost-effective
solutions that meet consumer demand across the world.
Founded by industry pioneers with a combined 50 years of
experience, Liberation Labs is powering a new, innovative way
forward that sets the standard for the precision food fermentation
industry and has a lasting impact on achieving collective
sustainability goals.
About Agronomics
Agronomics is a leading listed alternative proteins company with
a focus on cellular agriculture and cultivated meat. The Company
has established a portfolio of 24 companies at the Pre-Seed to
Series C stage in this rapidly advancing sector. It seeks to secure
minority stakes 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, as well as being fundamental to feeding
the world's expanding population. A full list of Agronomics'
portfolio companies is available at https://agronomics.im/ .
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART
OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
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For further information please contact:
Agronomics Beaumont Canaccord Cenkos Peterhouse
Limited Cornish Genuity Securities Capital TB Cardew
Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Joint Public Relations
Broker Broker
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Richard Reed Roland Andrew Giles Lucy Williams
Denham Eke Cornish Potts Balleny Charles Ed Orlebar
James Harry Rees Max Gould Goodfellow Alistair Walker
Biddle Alex Aylen Michael
(Head of Johnson
Equities)
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+44 (0) 20 7930
0777
+44 (0) 1624 +44 (0) +44 (0) +44 (0) +44 (0) +44 (0) 7738 724
639396 207 628 207 523 207 397 207 469 630
info@agronomics.im 3396 8000 8900 0936 agronomics@tbcardew.com
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