Agronomics Ltd - Isle of Man, UK-based cellular agriculture company - Leads series A financing round into All G Food Holding Pty Ltd with a GBP8.7 million investment, subscribing for 2.8 million shares.
The subscription is conditional on All G Foods shareholder approval which is expected in the third quarter of 2022. Agronomics will then own an 8.0% stake in the company.
Sydney-based All G Foods is an alternative protein maker focused on commercialising its precision fermentation platform designed to crease sustainable dairy products and proteins. Also owns a plant-based meat business Love Buds.
"We are delighted to be expanding our portfolio to include All G Foods, and increasing our exposure to the readily disruptable dairy industry, which is large enough to support multiple winners across different jurisdictions. We recognise Asia-Pacific as a growing market for alternative proteins and realise the need for further focus on precision fermentation dairy given the enormous markets and the cruelty of conventional dairy farming," said Executive Director Jim Mellon.
Current stock price: 17.85 pence
12-month change: down 20%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Agronomics (ANIC)