Business
Proposed Equity Fundraise
Proposed Equity Fundraise.
About this update from Agronomics Limited
[{"type":"text","content":"\n \nRNS Number : 5992B Agronomics Limited 10 June 2019 \n\n10 June 2019\nAgronomics Limited \n(\"Agronomics\" or the \"Company\")\nProposed Equity Fundraise\nThe Board of Agronomics announce that it proposes to undertake an equity fundraise to raise up to £4.5 million through an issue of new Ordinary Shares at a price of 5 pence per share (the \"Fundraise\"). This Fundraise is expected to close shortly at which time a further announcement will be made.\n \nThe Fundraise will be conditional on the approval of resolutions to be put to Shareholders at a General Meeting to increase the general authority of the Company to a) issue new Ordinary Shares, and b) to disapply pre-emption rights in relation to the issue. The General Meeting is provisionally scheduled to be held on 1 July 2019, although this date could be subject to change. \n \nIt is expected that Jim Mellon, a Non-Executive Director, will participate in the Fundraise to the extent necessary to maintain his existing shareholding in the Company of 29.0%. It is also expected that Richard Reed, Non-Executive Chairman and David Giampaolo, a Non-Executive Director, will also participate in the Fundraise. Such participation is expected to be a Related Party Transaction under the AIM Rules for Companies and, therefore, will be treated as such upon the closing of the Fundraise.\n \nThe proceeds of the Fundraise will be used to facilitate the investment into 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 \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.\n \n \nFor further information, please contact:\n \n\n\n\nAgronomics Limited\n\n\nBeaumont Cornish Limited\n\n\nOptiva Securities Limited\n\n\n\n\nThe Company\n\n\nNomad \n\n\nBroker\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDenham Eke\n+44 (0) 1624 639396\n\n\nRoland Cornish/James Biddle\n+44 (0) 207 628 3396\n\n\nJeremy King\n+44 (0) 203 137 1904\n\n\n\n \n \n \n \n\...