Business
Agronomics Leads Clean Food Group's Seed Financing
Agronomics Leads Clean Food Group's Seed Financing.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n 1st August 2022\n \n \n \n Agronomics Limited\n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n Agronomics Leads Clean Food Group's Seed Financing of £1.65 million\n \n \n \n Agronomics, the leading listed company focused on the field of cellular agriculture, is pleased to announce it has led Clean Food Group Limited's (\"Clean Food Group\") seed financing with a £577,500 investment, subscribing for 5,775,000 Ordinary Shares at 10 pence per share (the \"Subscription\"). Clean Food Group is a UK-based cellular agriculture company focused on the commercialisation of palm oil by fermentation. The Subscription will be made using cash from the Company's own resources. Also joining the round is AIM traded SEED Innovations Limited (of which Jim Mellon, executive director of Agronomics, has a 6.95% holding).\n \n \n Clean Food Group was co-founded by CEO Alex Neves and Co-Chairman Ed McDermott in 2021, with the goal of becoming a leading independent UK cultivated food ingredients business. Ed McDermott founded EMMAC Life Sciences Limited, a European medicinal cannabis business which was scaled and sold to Curaleaf Holdings Limited (CuraLeaf) for US$ 345 million in April 2021. Alex Neves was Head of EMMAC's Consumer Division and played a key role in the company's success.\n \n \n In March 2022, Agronomics subscribed for 32,300,000 Ordinary Shares at 1p per share in Clean Food Group's founder's round for a total consideration of £0.323 million which will, subject to audit and based on the price per share of the latest Subscription, be carried at £3.23 million, representing a multiple on invested capital of 10. Following the close of the seed financing, the Company will hold a total of 38,075,000 ordinary shares with an equity stake of 35.03% and an aggregate value of £3,807,500. Agronomics will have the right to a board seat of Clean Food Group and Jim Mellon, an Agronomics' director, will be appointed as non-executive Co-Chairman.\n \n \n Clean Food Group recently acquired the intellectual property from the University of Bath for a technology platform that produces a bio-equivalent palm oil alternative using microbial fermentation and has secured a two-year collaboration with the University to scale the technology and bring its palm oil alternative to market. Additionally, the proprietary technology platform ...