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(Alliance News) - Agronomics Ltd on Monday said it has raised GBP7.7 million through a share placing to finance investment opportunities.
In mid-November, the company, which invests in companies developing products such as artificial meat, had planned to raise up to GBP20 million at 5.5 pence per share, its net asset value per share at September 30.
On Monday, Agronomics said it issued 139.3 million shares, with a placing price representing a 0.5% premium to the closing mid-market price on Friday.
The stock was trading 1.4% lower in London on Monday at 5.40p a share, giving it a market capitalisation of GBP6.1 million.
The net proceeds of the fundraise will be used by the company to finance investment opportunities within the "cultivated meat" sector, and other related sectors, Agronomics said.
"We are delighted to have completed a fundraise at this time which has more than doubled our investable capital with support from existing and new investors including London-based institutional investors," said Non-Executive Chair Richard Reed.
"We now have the funds to act on our exciting pipeline of deals and continue to build Agronomics into a key player in the field of cultivated meat," added Reed.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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