Agronomics Limited Investment in Shiok Meats Pte. Ltd. (3910R)
October 29 2019 - 2:00AM
UK Regulatory
TIDMANIC
RNS Number : 3910R
Agronomics Limited
29 October 2019
29 October 2019
Agronomics Limited
("Agronomics" or the "Company")
Investment in Shiok Meats Pte. Ltd.
The board of Agronomics Limited is pleased to announce it has
today completed a subscription of US$ 500,000 in the form of a
Convertible Loan Note (the "CLN") in Shiok Meats Pte. Ltd. ("Shiok
Meats"). Shiok Meats is a Singapore based company, that is
developing cultured seafood products, focusing on shrimp. Upon
conversion, the Subscription is expected to give Agronomics an
approximate interest of 2.3% in Shiok Meats on conversion. The
Subscription will be paid using cash from the Company's own
resources. The CLN will convert into Ordinary Shares in Shiok Meats
on completion of a Series A funding round of US$10million by the
company.
Shiok Meats was founded by Dr Sandhya Sriram and Dr Ka Yi Ling
in 2018, both of whom are stem cell biologists who have nearly 20
years combined experience in the field. Sandhya has been featured
on Forbes Women in Tech for her entrepreneurial ventures. Shiok
Meats acquired early stage funding from Entrepreneur First and Y
Combinator, a top U.S. seed accelerator.
Since the CLN is considered a Substantial Transaction under AIM
Rule 12, this announcement requires certain disclosures under
Schedule Four. Shiok Meats is an early stage, pre-revenue company
with current costs of approximately US$ 46,000 per month and total
assets as at 3 October 2019 of approximately US$ 4.7 million, with
no material liabilities.
Richard Reed, Chairman of Agronomics, commented on the
investment: -
"Shiok Meats is a huge addition to Agronomics' portfolio, as the
only company to be working on developing cultured shrimp products.
Agronomics is highly supportive of Shiok Meat's work that will
support sustainable sourcing of fish protein to meet the global
demand."
Sandhya Sriram, co-founder and CEO of Shiok Meats, said: -
"It is great to have the support and investment from Agronomics.
This will further our R&D and accelerate our entry to market in
the next couple of years."
Material Terms of the Investment
-- Investment Amount - US$ 500,000.00
-- Instrument - Convertible Loan Note
-- Term - 24 months
-- Interest rate - 3% per annum
-- Security - Unsecured
-- Purpose - Working capital
-- Valuation Cap - US$ 22m
-- Conversion Price - lower of Valuation Cap or at 20 per cent
discount to the price at which shares are issued under a Qualifying
Equity Financing
About Shiok Meats
Shiok Meats is a cell-based clean meat company, the first of its
kind in Singapore and South-East Asia. Their mission is to bring
delicious, clean and healthy seafood and meats by harvesting from
cells instead of animals. Shiok Meats is working on cell-based
crustacean meats (shrimp, crab, lobster). Their meats are animal-,
health- and environment-friendly with the same taste, texture, more
nutrients and no cruelty.
"Shiok" in Singapore and Malay slang means fantastic and
delicious. Shiok Meats was co-founded in 2018 by Dr Sandhya Sriram
and Dr Ka Yi Ling, two accomplished stem cell scientists with over
20 years of combined experience in stem cell and tissue
engineering.
About Agronomics
Agronomics is an investment company focused on opportunities
within the nascent industry of cellular agriculture, which includes
environmentally friendly alternatives to the traditional production
of animal-derived products. It established investment policy in
April 2019, with a board of directors including Richard Reed, Jim
Mellon, David Giampaolo, Denham Eke and Anderson Whamond. The
Agronomics team are highly experienced entrepreneurs, investors and
advisors with a track record of success.
Agronomics believes that the recent developments within cellular
agriculture and alternative protein space will provide valuable
contributions to meet the demands of increased global population
growth and consumer habits. The company sees cellular agriculture
as a key solution which relieves the pressure on the environment,
while also addresses animal welfare.
The 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.
For further information, please contact:
Agronomics Limited Beaumont Cornish Optiva Securities Peterhouse Capital Britton Financial PR
Limited Limited Limited
The Company Nomad Joint Broker Joint Broker Investor Relations
----------------------- ----------------------- ----------------------- ---------------------
Denham Eke Roland Cornish/James Jeremy King Lucy Williams Tim Blackstone
Biddle
+44 (0) 1624 639396 +44 (0) 207 628 3396 +44 (0) 203 137 1904 +44 (0) 207 469 0936 +44 (0)7957 1404
ENDS
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