Business
Further investment in Rebellyous Foods
Further investment in Rebellyous Foods.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 3055I\n Agronomics Limited\n 01 April 2020\n \n \n \n \n 1 April 2020 \n \n \n \n \n \n Agronomics Limited\n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n Announces Participation in Series A Financing of Portfolio Company Seattle Food Tech, Inc.\n \n \n (trading as Rebellyous Foods)\n \n \n \n \n \n The Board of Agronomics is pleased to announce it has today completed a Subscription in Seattle Food Tech, Inc., trading as Rebellyous Foods (\"Rebellyous\") for US$ 99,999.43 for 92,438 Series A Preferred Stock. The Subscription will increase Agronomics existing stake from 1.00% to 1.23% on a fully diluted basis and will be paid using cash from the Company's own resources. Agronomics' initial investment of US$ 250,000 in the form of a Simple Agreement for Future Equity will convert to 231,096 Series A Preferred Stock at the same time. Therefore, the Company will hold 323,534 Series A Preferred Stock. \n \n \n \n \n \n Since the Company's initial investment, announced on 15 October 2019, Rebellyous has moved to a new 21,000 sq. ft. headquarter facility in West Seattle, WA, USA, allowing for innovative product development and rapid scaling of its production capacity. The team has also had recent success expanding its client base, selling its plant-based chicken nuggets to schools, cafeterias and hospitals across the USA. Rebellyous is also continuing the development of its optimised production machinery to improve the efficiency of plant-based protein manufacture at scale. \n \n \n \n \n \n As the Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. Rebellyous is an early-stage company with cash burn of US$ 101,964 per month and total assets as at 12 January 2020 of approximately US$ 2,450,261 including cash and near cash of US$ 2,313,176.\n \n \n \n \n \n About Rebellyous\n \n \n Rebellyous, a leader in plant-based meat production innovation, creates delicious, cost-competitive plant-based meat for the foodservice industry. Driven by engineers, food scientists, and chefs, Rebellyous uses quality plant protein, high-throughput manufacturing automation, innovative low-energy manufacturing tools, and uniquely designed modular production facilities to craft better tasting, more a...