Business
Investment of US$ 500,000 in GALY CO.
Investment of US$ 500,000 in GALY CO..
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 4882F\n Agronomics Limited\n 10 March 2020\n \n \n \n \n 10 March 2020\n \n \n \n \n \n Agronomics Limited\n \n \n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Agronomics Announces Investment of US$ 500,000 in GALY CO.\n \n \n \n \n \n The Board of Agronomics is pleased to announce today it has completed a subscription of US$ 500,000, in the form of a SAFE (\"Simple Agreement for Future Equity\") (the \"Subscription\"), in GALY CO. (\"GALY\"). The Subscription will give Agronomics an approximate equity interest of 4.37%, subject to conversion at a priced equity fundraising round of GALY with a valuation cap of US$10 million. \n \n \n \n \n \n GALY is a Boston, USA, based pioneering biomaterials technology company, producing cotton grown in a lab. The company utilises cell culture to grow cotton cells at faster growth rates than conventional crops, requiring less water, land, gas emissions and no use of harmful chemicals. GALY is led by Luciano Bueno, CEO and founder, who has prior experience building companies within the textile industry, venture capital and was selected in Brazil's Forbes 30 Under 30 list in 2019. \n \n \n \n \n \n Richard Reed, Chairman of Agronomics, provided comments on the investment: -\n \n \n \n \n \n \"GALY represents the next generation of cell culture technology being tailored towards improving the sustainability of industries beyond its existing applications for cultivated meat. We are impressed by GALY's novel application of the technology and identify its capabilities to rectify current issues surrounding cotton production.\"\n \n \n \n \n \n Luciano Bueno, Founder and CEO of GALY also added: -\n \n \n \n \n \n \"We are very proud of having Agronomics as our investor, Agronomics has deep expertise in the cellular agriculture field, and we believe they have invested in the leading companies in this space. We see biomaterials as the next greatest innovation and there is a clear market need for that, and we are excited for our following steps.\"\n \n \n \n \n \n Since the Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. GALY is an early stage, pre-revenue company with costs of approximately US$ 20,403 p...