Agronomics co-leads SuperMeat's Series A Financing

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RNS Number : 9350D Agronomics Limited 08 March 2022   8th March 2022 Agronomics Limited ("Agronomics" or the "Company")   Agronomics co-leads SuperMeat's Series A Financing   Agronomics, the leading listed company focused on the field of cellular agriculture, is pleased to announce it has co-led the Series A Financing for portfolio company SuperMeat The Essence of Meat Ltd ("SuperMeat") with a US$ 10 million investment, subscribing for 188,158 Series A Preferred Shares. SuperMeat is a leading cultivated chicken meat company based in Israel. The funding round was co-led alongside New Agrarian Company Limited ("New Agrarian"). Following the close of the funding round, Agronomics will have the right to appoint a board member to SuperMeat and will have a 7.77% equity interest. The investment will be made using cash from the Company's own resources.   Agronomics first invested in SuperMeat in December 2020, with a US$ 2 million investment in the form of a SAFE (Simple Agreement for Future Equity). This SAFE will convert to 119,551 Series A Preferred Shares, representing a Multiple on Investable Capital ("MOIC") of 2.97. In February 2022, Agronomics purchased an additional 50,774 Preferred Seed Shares in SuperMeat via a secondary transaction from an existing shareholder for total transaction cost of US$ 500,124 which will, subject to audit, represent a MOIC of 5.04.   Agronomics will now carry the aggregate position in its accounts at a book value of US$ 19.35 million, subject to audit, including an unrealised gain on cost of US$ 6.95 million, representing an internal rate of return of 207%. The SuperMeat position in the Agronomics portfolio will represent approximately 10% of Net Asset Value.   SuperMeat is a leading cultivated meat player, with their bioprocess capable of producing cell densities of 150 million cells/ml, as well as displaying strong product demonstration. In a taste test that occurred in January 2022, SuperMeat's unseasoned chicken was indistinguishable to conventional chicken as judged by a panel of culinary experts . SuperMeat currently allows individuals to visit their restaurant experience 'The Chicken' to try their cultivated chicken products. At present, SuperMeat is working to obtain regulatory approval in the US and Singapore for its chicken products to be made available for inclusion in consumer products...

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