Business
Investment in Simply Foods, Inc. (New Age Meats)
Investment in Simply Foods, Inc. (New Age Meats).
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 9483G Agronomics Limited 29 July 2019 \n\n29 July 2019\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nInvestment in Simply Foods, Inc. trading as New Age Meats\nThe Board of Agronomics is pleased to announce it has today completed a subscription of US$ 699,999.54 for 885,739 Series Seed Preferred Shares (the \"Subscription\") in Simply Foods, Inc. (\"Simply Foods\") trading as New Age Meats, a company based in San Francisco, California, USA that is developing pork-based cultured meat products. The Subscription, which is expected to give Agronomics an interest of approximately 7.0% (on a fully diluted basis) in Simply Foods, will be paid using cash from the Company's own resources. The Subscription is part of the first close of the Series Seed funding round to raise a minimum of US$ 2.0 million undertaken by Simply Foods, led by New York-based ff Graphite (V) Venture Capital Fund, LP. The Company has the right to appoint a board observer at its discretion. Agronomics is the only European based investor participating in this round, and remains the only UK quoted vehicle offering investors exposure to this rapidly growing sector.\n \nSimply Foods, trading under the name New Age Meats was founded in 2017 by Brian Spears, a chemical engineer with a background in industrial automation. Early funding for the company was provided by IndieBio, a world-leading life science accelerator, based in San Francisco. New Age Meats will initially focus on developing a pork-based sausage. It is hoped the company will launch its first commercial product in 2021.\n \nAs the Subscription is considered a Substantial Transaction under AIM rules, this announcement requires certain disclosures under Schedule Four. Simply Foods is an early stage, pre-revenue company with costs of approximately US$ 200,000 per month and net assets as at 31st March 2019 of approximately US$ 64,000. \n \nCommenting on the investment, Richard Reed, Chairman of Agronomics, said: -\n \n\"New Age Meats is a pioneer in the clean meat industry, having been the first to produce and serve a cultured pork sausage tasting prototype. Agronomics is fortunate to be included in this seed funding round. This investment aligns perfectly with Agronomics' stated strategy an...