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Agronomics Ltd - Isle of Man-based investment company focused on environmentally friendly food production - Purchases USD5 million convertible promissory note in cell-based seafood firm BlueNalu Inc.
In the event of a qualified financing, being a fundraise of USD50 million or more, the note will be converted into equity. Agronomics current holds 192,005 shares in BlueNalu, and will have an equity interest of 5.9% should the note be converted.
"Agronomics is delighted to be continuing its support for BlueNalu in their work on providing a sustainable solution to meeting the world's seafood demand. We are optimistic that advances by BlueNalu will be able to make a real difference in combating some of the current issues with the fishing and aquaculture industry," said Non-Executive Director Jim Mellon.
Current stock price: 6.30 pence
Year-to-date change: down 32%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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