8 Dec 2021 07:00
Amala Foods Plc
("Amala" or the "Company")
Funding Update
Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce that it has raised £210,000 by way of Placing 70,000,000 shares at 0.3p with Align Research Ltd and a further £100,000 of loan financing due in November 2022 which has a fixed interest rate of 8% due on the maturity date.
The Company has a low cash-burn and the new funding will provide sufficient runway through to the end of June 2022. The Company is also pleased to announce that it has held discussions with its Joint Venture Partner in the plant-based food business who have expressed an interest in arranging further substantial funding for scaling up operations beyond June 2022 from sophisticated Asian investors.
The Company had previously announced the venture builder model that would seek a public listing. The Company will own a substantial stake in the venture builder and is currently in the early stages of preparing for a public listing with a target admission date in Spring 2022. The venture builder has a lead investor and expects to achieve a non-brokered listing. This venture builder is a tech business that originated from the BigDish technology platform and is developing innovative technology that has application in the Food and Beverage sector. The Company will update the market in due course with further detail as the listing process progresses.
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
jmk@bigdish.com
Amala Foods Plc (DISH)