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Agronomics Ltd - Isle of Man-based alternative proteins company - Conditionally raises GBP62.5 million from the issue of 284.1 million new shares at 22 pence each, with warrants attached to the fundraising shares on a one-for-one basis.
The AIM-listed firm, which invests in firms specialising in cultivated meats and alternative proteins, will employ the cash to finance further investment into current portfolio companies and projects, investment in new opportunities within the "cultivated meat" sector and development and commercialisation of intellectual property where Agronomics holds an interest.
"Agronomics has expanded rapidly over the past two years, and this financing will further accelerate its growth," says Non-Executive Chair Richard Reed.
"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," adds Reed.
Current stock price: 24.00 pence, down 7.7% on Wednesday
Year-to-date change: Doubled from 12p on December 31
By Will Paige; willpaige@alliancenews.com
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