Business
Equity Fundraise Closes at £4.5 million
Equity Fundraise Closes at £4.5 million.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 0181C Agronomics Limited 13 June 2019 \n\n7.00 am 13 June 2019\nAgronomics Limited \n(\"Agronomics\" or the \"Company\")\nEquity Fundraise Closes at £4.5 million - 30% Oversubscribed\nThe Board of Agronomics announce that the equity fundraise, notified on 10 June 2019, has closed with confirmed subscriptions of £4.5 million (\"Subscription\") from new investors and certain directors for 90,000,000 New Ordinary Shares (the \"Subscription Shares\") at 5 pence per share, being the maximum amount sought. The Subscription was 30% oversubscribed.\n \nThe Subscription is conditional on the approval of resolutions to be put to the Company's shareholders at a General Meeting to increase the general authority of the Company to a) issue an aggregate nominal value of £10,000 new Ordinary Shares, and to b) disapply pre-emption rights in relation to the issue. The General Meeting is scheduled to be held on 3 July 2019 and the Notice convening the meeting was despatched to shareholders on 12 June 2019. \n \nJim Mellon, a Non-Executive Director, subscribed £1.1 million, which will scale back his existing shareholding in the Company from 29.0% to 25.4%. Richard Reed, Non-Executive Chairman and David Giampaolo, a Non-Executive Director, each subscribed £100,000. Such subscriptions are Related Party Transactions under the AIM Rules for Companies and Anderson Whamond, the Independent Non-Executive Director, having consulted with Beaumont Cornish Limited, the Company's nominated adviser, considers the terms of the Subscription to be fair and reasonable insofar as the Company's shareholders are concerned.\n \nThe Board further announces the appointment of Peterhouse Capital Limited as joint broker to the Company with immediate effect.\n \nThe proceeds of the Subscription will principally be used by the Company for investment opportunities within the alternative food sector as described in the recently approved New Investing Policy of the Company as set out on the website www.agronomics.im.\n \nApplication will be made for the Subscription Shares to be admitted to trading on AIM (\"Admission\"), with Admission of the Subscription Shares expected to occur on or around 11 July 2019. \n \nThe Subscription Shares will rank pari passu with the existing Ordinary Shares, including the right to ...