Business
Announces Participation in Mosa Meat Financing
Announces Participation in Mosa Meat Financing.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 0708A\n Agronomics Limited\n 25 September 2020\n \n \n \n \n 25th September 2020\n \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n Announces Participation in Mosa Meat B.V. Series B Financing Round Led by Blue Horizon Ventures\n \n \n The Board of Agronomics is pleased to announce today that the Company has participated in Mosa Meat B.V.'s (\"Mosa Meat\") Series B financing. The financing was led by Blue Horizon Ventures, raising approximately US$ 55 million in a first close of a larger Series B financing round. \n \n \n The financing has been split into two tranches (Tranche I and Tranche II), with the first close of Tranche I occurring yesterday, while Tranche II can be called at any time after 31 March 2022. Agronomics has committed a total of US$ 4.1 million (approximately £3.2million), split into US$ 2.05 million for Tranche I and US$ 2.05 million for Tranche II (together being the \"Subscription\"). Following the close of both tranches, Agronomics expects to have a minimum equity interest on a fully diluted basis of 1.62 per cent. The total number of shares to be issued pursuant to the Subscription is subject to upward revision (as tabled below), dependent on the timing of Mosa Meat achieving certain operational milestones in relation to the production of pre-defined quantities of cultivated meat (produced in a bioreactor) which is demonstrated to be nutritionally comparable to conventional meat.\n \n \n \n \n \n Date Milestone is Achieved\n \n \n \n \n Agronomics Series B Preferred Shares\n \n \n \n \n Agronomics ownership (fully diluted)\n \n \n \n \n \n \n Before 30 June 2022\n \n \n \n \n 11,146\n \n \n \n \n 1.62%\n \n \n \n \n \n \n Q3 2022\n \n \n \n \n 11,344\n \n \n \n \n 1.64%\n \n \n \n \n \n \n Q4 2022\n \n \n \n \n 11,557\n \n \n \n \n 1.66%\n \n \n \n \n \n \n Q1 2023\n \n \n \n \n 11,787\n \n \n \n \n 1.68%\n \n \n \n \n \n \n Q2 2023\n \n \n \n \n 12,039\n \n \n \n \n 1.71%\n \n \n \n \n \n \n \n \n In the event Tranche II is called prior to the achievement of the milestones, US$ 2.05 million will be advanced in the form a convertible loan note carrying an interest rate of 6% p.a. and the principal and interest will subsequently be converted into Series B Preferred Shares in accordance with the table above, bu...