Proposed Agronomics fundraise to raise a minimum of £25 million
Agronomics Limited, a leading listed investor in cellular agriculture, recently announced a proposed subscription and a placing to raise a minimum of £25 million (before expenses), including £2.3 million intended to be subscribed for by Directors.
Agronomics will also undertake an Open Offer to allow shareholders to subscribe for Ordinary Shares (and applicable Warrants) up to an aggregated c£6.6 million at the Issue Price.
The net proceeds of the Fundraise and Open Offer will principally be used by Agronomics to finance further investment into current portfolio companies and projects and investment in new opportunities within the cellular agriculture sector (and other related sectors).
The Company currently is in advanced discussions to make investments of up to US$52 million in 6 new and existing portfolio companies covering category leaders in both cell culture and fermentation technologies and spanning the range from pre-seed to Series B.
In addition to these very near-term opportunities, the Company has a significant pipeline of additional identified leads and expected funding rounds for existing portfolio companies.
As of the date of their announcement, they have raised £3.5 million through the proposed issue of 15,397,369 new Ordinary Shares and 15,397,369 November 2021 Warrants at the Issue Price.