Business
Subscription of US$2,999,996 in Tropic Biosciences
Subscription of US$2,999,996 in Tropic Biosciences.
About this update from Agronomics Limited
[{"type":"text","content":"\n \n \n RNS Number : 2067I\n Agronomics Limited\n 31 March 2020\n \n \n \n \n 31st March 2020\n \n \n \n \n \n Agronomics Limited\n \n \n \n \n \n \n (\"Agronomics\" or the \"Company\")\n \n \n \n \n \n \n Subscription of US$ 2,999,996 in Tropic Biosciences UK Limited\n \n \n \n \n \n The Board of Agronomics is pleased to announce it has completed a subscription of US$ 2,999,996 for 254,237 Series B Preferred Shares (\"Subscription\") in Tropic Biosciences UK Limited (\"Tropic\"). This Subscription will give Agronomics' an equity interest of 2.95% on a fully diluted, post new money basis. The Subscription will be paid using cash from the Company's own resources. \n \n \n \n Since this Subscription is considered a Substantial Transaction under AIM Rule 12, this announcement requires certain disclosures under Schedule Four. Tropic Biosciences is an early stage company with costs of approximately £407,833 per month and total assets as at 31 December 2019 of approximately £3,900,523 including cash and near cash of £3,791,380 and no material liabilities. \n \n \n \n \n \n \n About Tropic\n \n \n \n \n \n \n Tropic is a leading biotechnology company based in Norwich, UK, which is utilising powerful gene-editing techniques including CRISPR-Cas9 and Tropic's own proprietary GEiGS™ platform in developing high-performing commercial varieties of tropical crops. This new generation of gene-editing techniques has dramatically increased the speed of generating new crop strains at a significantly reduced cost. \n \n \n \n \n \n \n About Agronomics\n \n \n \n \n \n \n Agronomics is an AIM-listed investment company focused on the nascent field of cellular agriculture, precision fermentation and synthetic biology, with an emphasis on improving the efficiency and sustainability of current supply chains, with a focus on eliminating the requirement of animals to meet our resources absolute. \n \n \n Agronomics believes that we are on the cusp of the most significant disruption in our global food system, which will be fundamental to feeding the world's growing population as it approaches 10 billion people by 2050. The transformation of the food production system through utilisation of synthetic biology is a viable solution to improve the health and wealth of the planet and the global popula...