Agronomics Limited, a listed investor in cellular agriculture with a focus on cultivated meat and alternative proteins, announces a conditional subscription and a conditional placing to raise a minimum of £50m.
The conditional placing is expected to raise a minimum of £21.12m through the issue of a minimum of 95,983,404 ordinary shares.
The placing will be conducted by way of an accelerated bookbuild process arranged by Cenkos Securities plc which will be launched immediately.
The net proceeds of the fundraising will principally be used by the company to finance further investment into current portfolio companies and projects, investment in new opportunities within the ‘cultivated meat’ sector (and other related sectors), and development and commercialisation of intellectual property where the company holds an interest.
Richard Reed, Non-Executive Chairman, Agronomics commented: “Agronomics has expanded rapidly over the past two years, and this financing will further accelerate its growth. We anticipate it will provide the full funding to support our existing portfolio companies through their next financing rounds, while also giving us sufficient capital to pursue acquisitions of new investments in this exciting field as it enters into what we expect will be a multi-decade growth phase.”