Last checked at 21 Nov 2014 15:26
Eden Research Plc
("Eden" or "Company")
Placing to raise £750,000
Eden Research plc (AIM: EDEN), the AIM listed natural micro-encapsulation company, announces that it has raised £750,000 before expenses through a placing of 10 million new ordinary shares of 1p each at a price of 7.5p per ordinary share ("the Placing").
The Placing is to provide additional working capital to fund the Company's commercialisation of its suite of products using plant terpenes and its proprietary encapsulation technology.
Application will be made for the new ordinary shares to be admitted to AIM and it is expected that admission will take place and trading in the new ordinary shares will commence on 28 November 2014.
Tom Lupton, Chairman and Ken Brooks, deputy Chairman, are participating in the Placing through the subscription by each of them of 333,333 new ordinary shares at the Placing price.
The directors (apart from Tom Lupton and Ken Brooks) having consulted with WH Ireland, confirm their opinion that the terms of the transaction are fair and reasonable insofar its shareholders are concerned.
Eden Research plc | www.edenresearch.com |
Sean Smith, Chief Executive Officer | Tel: 01993 862 761 |
Alex Abrey, Chief Financial Officer | |
W H Ireland Limited | Tel: 0117 945 3471 |
John Wakefield | |
Walbrook PR Ltd | Tel: 020 7933 8780 or eden@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 |
Notes:
Eden is an early stage revenue company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions to the global agrochemicals industry, the animal health industry, and consumer products.
Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with hydrophobic compounds both natural and synthetic. The technology uses yeast cells to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetic and pharmaceutical industries.
Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.
With leading consultants in their respective fields, the Company is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.
The Company has a number of patents and has a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £12m in developing and protecting its intellectual property. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, identifying suitable industrial partners and entering into licence agreements.
Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.
For more information about Eden, please visit www.edenresearch.com