Last checked at 
(Alliance News) - Agronomics Ltd on Friday said it has completed a subscription of USD1.5 million in Ohayo Valley Inc, a producer of cultivated beef products.
The subscription will be paid using cash from the AIM-listed company's own resources, it said.
The Isle of Man-based investor in cellular agriculture said it has made an investment through a simple agreement for future equity, which will convert into preferred shares in Ohayo Valley at a future equity financing round, giving Agronomics an ownership of about 19%.
Agronomics noted that it will have the right to a board seat.
"This marks Agronomics first investment into a company focused on producing structured beef products, and is of great relevance, noting that conventional beef production is heavily carbon and resource intensive," said Jim Mellon, co-founder and executive director.
Agronomics shares were trading 3.9% higher in London on Friday at 26.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.